Bitfarms (NASDAQ:BITF) Shares Down 9.3% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) traded down 9.3% during mid-day trading on Thursday . The stock traded as low as $1.93 and last traded at $1.94. 21,312,734 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 22,259,084 shares. The stock had previously closed at $2.14.

Wall Street Analyst Weigh In

A number of research firms recently commented on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Monday, September 23rd. One 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Trading Down 10.3 %

The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The stock has a market cap of $869.41 million, a P/E ratio of -5.49 and a beta of 3.63. The stock’s fifty day moving average price is $2.04 and its 200 day moving average price is $2.21.

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

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently made changes to their positions in BITF. Van ECK Associates Corp lifted its stake in shares of Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the last quarter. Gladstone Institutional Advisory LLC grew its stake in Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after buying an additional 5,000 shares during the last quarter. HBW Advisory Services LLC purchased a new stake in Bitfarms in the third quarter valued at about $63,000. Cetera Investment Advisers boosted its holdings in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after acquiring an additional 61,624 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.