Bitfarms (NASDAQ:BITF) Shares Down 4.7%

Bitfarms Ltd. (NASDAQ:BITF)’s share price fell 4.7% during mid-day trading on Wednesday . The company traded as low as $2.00 and last traded at $2.01. 8,821,139 shares were traded during trading, a decline of 65% from the average session volume of 25,015,693 shares. The stock had previously closed at $2.11.

Analysts Set New Price Targets

A number of research firms recently issued reports on BITF. Northland Securities began coverage on shares of Bitfarms in a research note on Thursday. They set an “outperform” rating and a $4.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, March 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $4.20.

Bitfarms Stock Down 2.2 %

The company has a market cap of $698.33 million, a P/E ratio of -5.30 and a beta of 3.62. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $2.39 and its 200 day moving average is $2.14.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. As a group, equities analysts anticipate that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the company. Invesco Ltd. grew its holdings in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the last quarter. Van ECK Associates Corp grew its holdings in Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after purchasing an additional 599,506 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares during the last quarter. Quadrature Capital Ltd grew its holdings in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Finally, Shariaportfolio Inc. purchased a new position in Bitfarms in the fourth quarter worth $2,051,000. 20.59% of the stock is 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.