Bitfarms (NASDAQ:BITF) Stock Price Down 4.8% – What’s Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF) fell 4.8% on Wednesday . The company traded as low as $1.99 and last traded at $2.00. 5,138,257 shares traded 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.

Wall Street Analysts Forecast Growth

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

Bitfarms Stock Down 7.6 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The company’s fifty day moving average price is $2.07 and its 200-day moving average price is $2.21. The stock has a market cap of $794.06 million, a P/E ratio of -5.26 and a beta of 3.63.

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

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of the company. CCG Wealth Management LLC purchased a new stake in Bitfarms in the first quarter worth about $50,000. VitalStone Financial LLC purchased a new stake in shares of Bitfarms in the 1st quarter worth approximately $37,000. Swiss National Bank bought a new position in shares of Bitfarms during the first quarter valued at approximately $1,426,000. Shell Asset Management Co. purchased a new position in Bitfarms during the first quarter valued at approximately $43,000. Finally, Vident Advisory LLC raised its stake in Bitfarms by 51.4% in 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 in the last quarter. 20.59% of the stock is owned by institutional investors.

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.