Bitfarms (NASDAQ:BITF) Shares Down 6.5%

Bitfarms Ltd. (NASDAQ:BITFGet Free Report) shares fell 6.5% during mid-day trading on Tuesday . The stock traded as low as $2.14 and last traded at $2.15. 3,026,387 shares changed hands during trading, a decline of 87% from the average session volume of 23,158,328 shares. The stock had previously closed at $2.30.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of analyst reports. B. Riley decreased their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. Northland Securities initiated coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target on the stock. Cantor Fitzgerald started coverage on shares of Bitfarms in a research report on Tuesday. They issued an “overweight” rating and a $5.00 price objective for the company. HC Wainwright started coverage on shares of Bitfarms in a report on Tuesday, June 4th. They issued a “buy” rating and a $4.00 target price on the stock. Finally, Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price target for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

View Our Latest Stock Analysis on Bitfarms

Bitfarms Price Performance

The stock has a market capitalization of $873.71 million, a price-to-earnings ratio of -5.66 and a beta of 3.68. The company’s 50-day simple moving average is $1.99 and its 200-day simple moving average is $2.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02.

Bitfarms (NASDAQ:BITFGet Free Report) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The business had revenue of $50.32 million during the quarter, compared to analysts’ expectations of $50.51 million. Research analysts forecast that Bitfarms Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Advisors LLC increased its stake in Bitfarms by 40.8% during the 1st quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock worth $1,523,000 after acquiring an additional 198,470 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Bitfarms during the 1st quarter worth $1,558,000. Tidal Investments LLC increased its position in shares of Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the period. Bayesian Capital Management LP raised its stake in Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after purchasing an additional 34,200 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Bitfarms during the first quarter worth about $1,640,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

(Get Free Report)

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.

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