Bitfarms (NASDAQ:BITF) Stock Price Down 5.5% – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was down 5.5% during mid-day trading on Wednesday . The company traded as low as $2.52 and last traded at $2.60. Approximately 57,004,782 shares traded hands during trading, an increase of 28% from the average daily volume of 44,630,113 shares. The stock had previously closed at $2.75.

Analyst Ratings Changes

BITF has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $4.00 target price (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Macquarie reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday. Cantor Fitzgerald increased their price target on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, B. Riley reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.54.

Bitfarms Stock Down 5.5%

The company has a quick ratio of 3.03, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.46 billion, a PE ratio of -11.30 and a beta of 3.77. The company’s 50 day moving average is $3.59 and its two-hundred day moving average is $1.97.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). The business had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. On average, analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of large investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft grew its stake in shares of Bitfarms by 390.4% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company’s stock worth $121,000 after buying an additional 114,245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Bitfarms by 108.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after acquiring an additional 144,593 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock worth $3,002,000 after acquiring an additional 1,306,212 shares in the last quarter. Finally, Vident Advisory LLC increased its stake in Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock worth $5,279,000 after acquiring an additional 628,603 shares during the last quarter. Institutional investors 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.