Bitfarms (NASDAQ:BITF) Trading Down 5.1% - Here's What Happened

Key Points

• Bitfarms Ltd. (NASDAQ:BITF) shares fell by 5.1% on Friday, closing at $5.01 after trading as low as $4.60, with a significant increase in trading volume of 178,510,898 shares.
• Analysts have mixed views on Bitfarms, with ratings ranging from a "sell" to multiple "buy" ratings, and an average target price of $4.35.
• Despite a market cap of $2.82 billion, Bitfarms reported a loss in their latest earnings with a negative net margin of 35.09% and revenue falling short of expectations.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price traded down 5.1% on Friday . The company traded as low as $4.60 and last traded at $5.01. 178,510,898 shares were traded during trading, an increase of 346% from the average session volume of 40,064,137 shares. The stock had previously closed at $5.28.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a report on Wednesday, October 8th. Jones Trading started coverage on shares of Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Compass Point initiated coverage on shares of Bitfarms in a report on Monday, September 15th. They issued a "buy" rating for the company. Northland Securities set a $7.00 target price on Bitfarms in a report on Monday. Finally, Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $4.35.

Bitfarms Price Performance

The firm has a 50-day moving average price of $2.42 and a 200-day moving average price of $1.48. The stock has a market cap of $2.82 billion, a P/E ratio of -29.47 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results 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). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The business had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. On average, analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft lifted its holdings in shares of Bitfarms by 390.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock valued at $121,000 after purchasing an additional 114,245 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after acquiring an additional 1,223,201 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the last quarter. Vident Advisory LLC increased its holdings in shares of Bitfarms by 10.4% in the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after purchasing an additional 628,603 shares in the last quarter. Finally, Continental General Insurance Co. purchased a new position in shares of Bitfarms in the first quarter worth $2,124,000. 20.59% of the stock is currently owned by hedge funds and other 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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