Bitfarms (NASDAQ:BITF) Stock Price Down 4.8% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) shares traded down 4.8% on Wednesday . The stock traded as low as $1.99 and last traded at $2.00. 5,138,257 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 21,791,459 shares. The stock had previously closed at $2.10.

Analyst Upgrades and Downgrades

BITF has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Down 7.6 %

The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The business’s fifty day moving average price is $2.07 and its two-hundred day moving average price is $2.21. The stock has a market capitalization of $794.06 million, a PE ratio of -5.26 and a beta of 3.63.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $41.55 million during the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. On average, equities research analysts forecast that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of the business. CCG Wealth Management LLC acquired a new stake in Bitfarms during the 1st quarter valued at approximately $50,000. VitalStone Financial LLC purchased a new position in shares of Bitfarms during the first quarter worth $37,000. Swiss National Bank acquired a new position in Bitfarms during the first quarter valued at $1,426,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the first quarter valued at $43,000. Finally, Vident Advisory LLC grew its position in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Company Profile

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.