Bitfarms (NASDAQ:BITF) Trading Down 4.7%

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

Analysts Set New Price Targets

BITF has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, March 28th.

Bitfarms Price Performance

The business’s 50-day moving average price is $2.48 and its 200 day moving average price is $2.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market capitalization of $733.96 million, a PE ratio of -5.59 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. The company had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same period last year, the firm posted ($0.07) EPS. Research analysts forecast that Bitfarms Ltd. will post -0.1 earnings per share for the current year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. Vontobel Holding Ltd. grew its holdings in Bitfarms by 252.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock worth $82,000 after acquiring an additional 54,303 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Bitfarms in the third quarter worth about $188,000. Oxinas Partners Wealth Management LLC bought a new position in shares of Bitfarms in the 3rd quarter worth approximately $65,000. Van ECK Associates Corp boosted its position in shares of Bitfarms by 18.6% during the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock valued at $3,831,000 after purchasing an additional 561,342 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the period. 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.