Bitfarms (NASDAQ:BITF) Shares Down 4.7%

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was down 4.7% during mid-day trading on Wednesday . The stock traded as low as $2.00 and last traded at $2.01. Approximately 8,821,139 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 25,015,693 shares. The stock had previously closed at $2.11.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BITF shares. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Finally, Northland Securities started coverage on shares of Bitfarms in a report on Thursday. They issued an “outperform” rating and a $4.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $4.20.

Bitfarms Price Performance

The company’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.14. The company has a market capitalization of $698.33 million, a P/E ratio of -5.30 and a beta of 3.62. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same quarter last year, the business posted ($0.07) EPS. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.1 EPS for the current year.

Institutional Trading of Bitfarms

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares in the last quarter. Van ECK Associates Corp boosted its position in Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock valued at $12,163,000 after buying an additional 599,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock valued at $9,127,000 after buying an additional 677,799 shares in the last quarter. Quadrature Capital Ltd boosted its position in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after buying an additional 902,708 shares in the last quarter. Finally, Shariaportfolio Inc. acquired a new stake in Bitfarms in the fourth quarter valued at approximately $2,051,000. Institutional investors and hedge funds 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.