Bitfarms (NASDAQ:BITF) Stock Price Down 6.6% - Here's Why

Key Points

• Bitfarms Ltd. shares declined by 6.6% during mid-day trading, reaching a low of $3.68 before closing at $3.84, with trading volume significantly up by 77% compared to the average.
• Despite this decline, analysts have shown mixed feedback: Wall Street Zen upgraded the stock from a "sell" to a "hold" rating, while other firms maintain a predominantly positive outlook with a consensus rating of "Moderate Buy".
• Bitfarms reported earnings of ($0.02) per share, missing estimates, with a total revenue of $77.80 million for the quarter, falling short of analyst expectations of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares traded down 6.6% during mid-day trading on Tuesday . The company traded as low as $3.68 and last traded at $3.84. 76,789,745 shares were traded during trading, an increase of 77% from the average session volume of 43,293,930 shares. The stock had previously closed at $4.11.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Jones Trading assumed coverage on shares of Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $5.50 target price on shares of Bitfarms in a research note on Wednesday, October 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. Finally, B. Riley reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $4.75.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The firm has a market capitalization of $2.16 billion, a P/E ratio of -22.59 and a beta of 3.76. The company's 50 day moving average price is $3.16 and its 200 day moving average price is $1.79.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Trium Capital LLP bought a new stake in Bitfarms in the first quarter valued at about $609,000. SBI Securities Co. Ltd. boosted its holdings in Bitfarms by 69.9% during the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock worth $117,000 after buying an additional 61,085 shares during the last quarter. Theory Financial LLC acquired a new position in shares of Bitfarms during the 1st quarter worth about $48,000. Private Advisor Group LLC increased its stake in shares of Bitfarms by 26.2% in the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company's stock valued at $140,000 after acquiring an additional 37,000 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in Bitfarms by 5.0% during the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock worth $314,000 after acquiring an additional 19,089 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors.

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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