Bitfarms (NASDAQ:BITF) Stock Price Down 6.9% – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) fell 6.9% during trading on Monday . The company traded as low as $1.88 and last traded at $1.88. 13,743,027 shares changed hands during trading, a decline of 37% from the average session volume of 21,904,451 shares. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BITF. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Performance

The company has a market cap of $728.57 million, a PE ratio of -4.84 and a beta of 3.63. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $2.13 and its two-hundred day simple moving average is $2.23.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. The company had revenue of $41.55 million for the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. As a group, research analysts anticipate that Bitfarms Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently bought and sold shares of BITF. VitalStone Financial LLC acquired a new stake in Bitfarms in the 1st quarter valued at $37,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter worth approximately $38,000. Shell Asset Management Co. acquired a new position in shares of Bitfarms in the 1st quarter worth approximately $43,000. CCG Wealth Management LLC purchased a new stake in Bitfarms during the 1st quarter worth approximately $50,000. Finally, Evanson Asset Management LLC increased its stake in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after buying an additional 10,457 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.