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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BITF shares. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Down 10.3 %

The firm has a market capitalization of $869.41 million, a price-to-earnings ratio of -5.49 and a beta of 3.63. 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 firm has a fifty day moving average price of $2.04 and a 200 day moving average price of $2.21.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The business had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC grew its holdings in shares of Bitfarms by 58.4% in the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after buying an additional 2,571,647 shares during the period. Marshall Wace LLP bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. Van ECK Associates Corp grew its holdings in Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the period. Vident Advisory LLC increased its position in Bitfarms by 51.4% during the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after buying an additional 885,217 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Bitfarms in the 1st quarter valued at $1,640,000. 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.