Bitfarms (NASDAQ:BITF) Stock Price Down 4.2% - What's Next?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares fell 4.2% during trading on Wednesday . The company traded as low as $1.02 and last traded at $1.03. 6,177,615 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 28,673,813 shares. The stock had previously closed at $1.07.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. HC Wainwright restated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research report on Thursday, March 27th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.01.

Bitfarms Stock Performance

The stock has a 50 day moving average of $0.95 and a 200 day moving average of $1.40. 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 firm has a market cap of $550.32 million, a price-to-earnings ratio of -2.76 and a beta of 3.69.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly 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). Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The business had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. As a group, analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several large investors have recently bought and sold shares of the business. Guided Capital Wealth Management LLC bought a new position in shares of Bitfarms in the fourth quarter worth about $30,000. Money Concepts Capital Corp bought a new position in Bitfarms in the 4th quarter valued at approximately $30,000. National Bank of Canada FI lifted its stake in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares during the last quarter. Olympiad Research LP acquired a new stake in Bitfarms in the fourth quarter valued at approximately $36,000. Finally, Lifeworks Advisors LLC grew its stake in shares of Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.

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