Bitfarms (NASDAQ:BITF) Shares Down 4.8% – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) dropped 4.8% on Wednesday . The company traded as low as $1.99 and last traded at $2.00. Approximately 5,138,257 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 21,791,459 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

Several equities research analysts have recently commented on BITF shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Up 1.0 %

The firm has a 50-day moving average of $2.06 and a two-hundred day moving average of $2.21. The firm has a market capitalization of $814.52 million, a P/E ratio of -5.24 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.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. HBW Advisory Services LLC acquired a new stake in shares of Bitfarms during the third quarter worth $63,000. Cetera Investment Advisers grew its holdings in Bitfarms by 42.7% during the 2nd 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 during the period. Mackenzie Financial Corp grew its holdings in Bitfarms by 67.3% during the 2nd 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 period. K2 Principal Fund L.P. bought a new position in shares of Bitfarms in the 2nd quarter worth about $816,000. Finally, Marshall Wace LLP acquired a new position in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. 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.