Bitfarms (NASDAQ:BITF) Shares Down 3.7% - Here's Why

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price fell 3.7% during trading on Wednesday . The company traded as low as $0.92 and last traded at $0.92. 5,281,996 shares changed hands during trading, a decline of 81% from the average session volume of 28,233,984 shares. The stock had previously closed at $0.96.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BITF. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research note on Thursday, March 27th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $4.44.

Bitfarms Trading Down 2.9%

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock's 50 day moving average price is $0.96 and its 200-day moving average price is $1.30. The stock has a market capitalization of $481.67 million, a P/E ratio of -2.42 and a beta of 3.54.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.04). The firm had revenue of $66.85 million for the quarter, compared to the consensus estimate of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. As a group, equities research analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of BITF. MMCAP International Inc. SPC boosted its stake in Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after acquiring an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp boosted its stake in Bitfarms by 106.6% in the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after acquiring an additional 6,477,985 shares in the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after acquiring an additional 2,828,703 shares in the last quarter. Continental General Insurance Co. acquired a new stake in shares of Bitfarms during the first quarter worth $2,124,000. Finally, Paloma Partners Management Co lifted its stake in shares of Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock worth $2,685,000 after buying an additional 1,551,900 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.