Bitfarms (NASDAQ:BITF) Trading Down 5.1% - What's Next?

Key Points

• Bitfarms Ltd. shares declined 5.1% to $2.91, with trading volume down 47% compared to its average, indicating market volatility.
• Research analysts have recently upgraded Bitfarms from a "sell" rating to a "hold" rating, with a consensus target price of $3.95 and some firms providing a "buy" rating.
• The company reported negative earnings of ($0.02) per share, missing estimates, and has a negative net margin of 35.09% and a market cap of $1.43 billion.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares traded down 5.1% during mid-day trading on Tuesday . The stock traded as low as $2.93 and last traded at $2.91. 16,884,063 shares traded hands during trading, a decline of 47% from the average session volume of 31,658,074 shares. The stock had previously closed at $3.07.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BITF. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Jones Trading began coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective on the stock. Finally, Compass Point began coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a "buy" rating for the company. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Bitfarms presently has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Trading Down 16.4%

The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -15.09 and a beta of 3.50. The business's fifty day moving average is $1.50 and its two-hundred day moving average is $1.14.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.02) 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 the consensus estimate of $79.78 million. Equities analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BITF. Arkadios Wealth Advisors acquired a new position in Bitfarms during the first quarter worth $39,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the second quarter valued at approximately $43,000. Baker Avenue Asset Management LP bought a new position in shares of Bitfarms during the second quarter worth approximately $50,000. Theory Financial LLC acquired a new stake in shares of Bitfarms during the first quarter worth $48,000. Finally, Blue Rock Wealth Management LLC acquired a new position in shares of Bitfarms during the 1st quarter worth approximately $59,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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.

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