Bitfarms (NASDAQ:BITF) Shares Gap Down – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $1.24, but opened at $1.17. Bitfarms shares last traded at $1.14, with a volume of 5,498,291 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BITF. Keefe, Bruyette & Woods began coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Trading Down 8.5 %

The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $544.04 million, a P/E ratio of -3.15 and a beta of 3.68. The business has a 50-day moving average price of $1.44 and a two-hundred day moving average price of $1.83.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently modified their holdings of the business. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter valued at $25,000. Money Concepts Capital Corp bought a new position in shares of Bitfarms during the fourth quarter valued at about $30,000. Guided Capital Wealth Management LLC purchased a new position in shares of Bitfarms in the fourth quarter worth $30,000. National Bank of Canada FI lifted its stake in Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after acquiring an additional 19,877 shares during the period. Finally, Olympiad Research LP bought a new stake in Bitfarms in the fourth quarter worth $36,000. Institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.