Bitfarms (NASDAQ:BITF) Trading Down 4.5%

Bitfarms Ltd. (NASDAQ:BITF) shares dropped 4.5% during trading on Tuesday . The company traded as low as $2.52 and last traded at $2.56. Approximately 10,211,407 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 23,771,865 shares. The stock had previously closed at $2.68.

Analyst Ratings Changes

BITF has been the topic of a number of analyst reports. Cantor Fitzgerald assumed coverage on Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Monday, June 17th. B. Riley decreased their target price on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. Northland Securities assumed coverage on shares of Bitfarms in a research note on Thursday, April 25th. They set an “outperform” rating and a $4.00 target price for the company. Finally, Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price objective for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Stock Performance

The stock has a market cap of $1.03 billion, a P/E ratio of -6.68 and a beta of 3.68. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average price of $2.24 and a two-hundred day moving average price of $2.44.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The company had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. raised its position in Bitfarms by 7.8% during the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock valued at $238,000 after purchasing an additional 5,900 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in Bitfarms by 39.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock valued at $70,000 after purchasing an additional 6,837 shares during the period. Headlands Technologies LLC raised its position in Bitfarms by 64.7% during the fourth quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock valued at $55,000 after purchasing an additional 7,429 shares during the period. Capital Performance Advisors LLP purchased a new stake in Bitfarms during the fourth quarter valued at approximately $29,000. Finally, Evanson Asset Management LLC raised its holdings in shares of Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after buying an additional 10,457 shares during the period. 20.59% of the stock is currently owned by hedge funds and other 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.