Bitfarms (NASDAQ:BITF) Shares Down 5.1% – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) fell 5.1% during trading on Friday . The stock traded as low as $2.54 and last traded at $2.5350. 3,582,749 shares traded hands during trading, a decline of 92% from the average session volume of 45,568,629 shares. The stock had previously closed at $2.67.

Wall Street Analysts Forecast Growth

BITF has been the subject of several research reports. Northland Securities set a $7.00 price target on shares of Bitfarms in a research report on Monday, October 13th. Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. HC Wainwright reissued a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald lifted their price target on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.25.

Bitfarms Stock Performance

The company’s 50 day moving average price is $3.23 and its 200-day moving average price is $2.31. The stock has a market cap of $1.48 billion, a P/E ratio of -10.78 and a beta of 3.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share 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%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE purchased a new position in Bitfarms in the third quarter worth $34,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter worth $43,000. Baker Avenue Asset Management LP bought a new stake in shares of Bitfarms during the 2nd quarter worth $50,000. SG Americas Securities LLC purchased a new position in shares of Bitfarms in the 3rd quarter worth about $51,000. Finally, Swiss Life Asset Management Ltd bought a new position in Bitfarms during the third quarter valued at about $56,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.