Bitfarms (NASDAQ:BITF) Shares Down 2.9%

Bitfarms Ltd. (NASDAQ:BITF)’s share price traded down 2.9% during trading on Wednesday . The stock traded as low as $1.96 and last traded at $1.98. 12,088,443 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 22,306,498 shares. The stock had previously closed at $2.04.

Wall Street Analyst Weigh In

A number of analysts recently commented on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, August 22nd. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price target for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

The stock has a market capitalization of $802.24 million, a P/E ratio of -5.16 and a beta of 3.64. The company has a 50 day simple moving average of $2.32 and a 200-day simple moving average of $2.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. On average, equities analysts forecast that Bitfarms Ltd. will post -0.29 EPS for the current year.

Institutional Trading of Bitfarms

Several hedge funds have recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new position in shares of Bitfarms in the second quarter valued at $38,000. VitalStone Financial LLC purchased a new position in Bitfarms during the first quarter worth about $37,000. Shell Asset Management Co. purchased a new position in Bitfarms during the first quarter worth about $43,000. CCG Wealth Management LLC purchased a new position in Bitfarms during the first quarter worth about $50,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Bitfarms by 39.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock worth $70,000 after buying an additional 6,837 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.

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.