Bitfarms (NASDAQ:BITF) Trading Down 4.5%

Shares of Bitfarms Ltd. (NASDAQ:BITF) dropped 4.5% during mid-day trading on Tuesday . The stock traded as low as $2.52 and last traded at $2.56. Approximately 10,211,407 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 23,771,865 shares. The stock had previously closed at $2.68.

Analyst Upgrades and Downgrades

BITF has been the topic of several research analyst reports. B. Riley lowered their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Northland Securities initiated coverage on Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective on the stock. Cantor Fitzgerald initiated coverage on Bitfarms in a report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 target price on the stock. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their target price for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Monday, June 17th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Bitfarms Trading Down 6.0 %

The stock has a market cap of $1.03 billion, a PE ratio of -6.68 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02. The company’s 50-day moving average price is $2.24 and its 200 day moving average price is $2.44.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors have recently made changes to their positions in BITF. Invesco Ltd. raised its position in shares of Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Tidal Investments LLC raised its position in shares of Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after buying an additional 2,571,647 shares during the period. Quadrature Capital Ltd raised its position in shares of Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after buying an additional 902,708 shares during the period. Vident Advisory LLC raised its position in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the period. Finally, Shariaportfolio Inc. purchased a new stake in Bitfarms in the fourth quarter valued at approximately $2,051,000. 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.