Bitfarms (NASDAQ:BITF) Stock Price Down 3.9% - Here's What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) were down 3.9% during trading on Wednesday . The stock traded as low as $0.98 and last traded at $0.99. Approximately 10,059,489 shares traded hands during trading, a decline of 63% from the average daily volume of 27,476,024 shares. The stock had previously closed at $1.03.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BITF shares. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research report on Thursday, March 27th. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $4.44.

Bitfarms Stock Up 2.4%

The company's fifty day moving average price is $0.96 and its 200-day moving average price is $1.14. The stock has a market cap of $586.54 million, a P/E ratio of -5.55 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). The firm had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently made changes to their positions in the company. Cresset Asset Management LLC lifted its holdings in shares of Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock worth $105,000 after acquiring an additional 13,378 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Bitfarms by 10.0% in the 4th quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock worth $238,000 after acquiring an additional 14,865 shares during the last quarter. Insigneo Advisory Services LLC lifted its holdings in shares of Bitfarms by 15.3% in the 4th quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock worth $202,000 after acquiring an additional 18,000 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Bitfarms by 5.0% during the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after buying an additional 19,089 shares in the last quarter. Institutional investors own 20.59% of the company's stock.

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.