Bitfarms (NASDAQ:BITF) Shares Gap Down Following Weak Earnings

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $1.16, but opened at $1.10. Bitfarms shares last traded at $1.11, with a volume of 4,316,963 shares.

The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The firm had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BITF. HC Wainwright lowered their target price on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, March 27th. Alliance Global Partners restated a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.84.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BITF. Guided Capital Wealth Management LLC acquired a new stake in Bitfarms during the fourth quarter worth about $30,000. Money Concepts Capital Corp acquired a new position in Bitfarms in the 4th quarter valued at about $30,000. National Bank of Canada FI grew its stake in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after buying an additional 19,877 shares during the period. Olympiad Research LP acquired a new stake in shares of Bitfarms during the 4th quarter worth approximately $36,000. Finally, Lifeworks Advisors LLC raised its position in shares of Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock valued at $37,000 after buying an additional 7,339 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Trading Down 6.0%

The stock has a market cap of $587.73 million, a PE ratio of -3.03 and a beta of 3.69. The company’s 50-day moving average price is $0.95 and its 200 day moving average price is $1.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

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.