Bitfarms (NASDAQ:BITF) Stock Price Down 6.2%

Bitfarms Ltd. (NASDAQ:BITF)’s share price fell 6.2% during trading on Tuesday . The stock traded as low as $2.11 and last traded at $2.13. 4,289,887 shares changed hands during trading, a decline of 84% from the average session volume of 26,611,271 shares. The stock had previously closed at $2.27.

Analysts Set New Price Targets

Several brokerages recently issued reports on BITF. B. Riley reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, December 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Tuesday, March 26th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms has a consensus rating of “Buy” and an average price target of $4.25.

Bitfarms Price Performance

The company’s 50-day simple moving average is $2.62 and its 200 day simple moving average is $2.05. The stock has a market capitalization of $740.15 million, a price-to-earnings ratio of -5.99 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.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period last year, the business earned ($0.07) EPS. Equities research analysts forecast that Bitfarms Ltd. will post -0.17 EPS for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. Invesco Ltd. raised its holdings in Bitfarms by 56.1% in the 1st quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock worth $48,900,000 after acquiring an additional 4,687,086 shares during the period. State Street Corp increased its stake in shares of Bitfarms by 240.8% in the second quarter. State Street Corp now owns 4,228,087 shares of the company’s stock worth $6,215,000 after purchasing an additional 2,987,589 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Bitfarms during the 2nd quarter worth about $2,307,000. Quadrature Capital Ltd grew its holdings in Bitfarms by 745.2% in 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 last quarter. Finally, Shariaportfolio Inc. bought a new position in Bitfarms in the 4th quarter worth approximately $2,051,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.