Bitfarms (NASDAQ:BITF) Trading Down 4.1% - Here's What Happened

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price dropped 4.1% during mid-day trading on Tuesday . The stock traded as low as $1.06 and last traded at $1.06. Approximately 5,749,253 shares were traded during trading, a decline of 80% from the average daily volume of 29,041,084 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

BITF has been the topic of several recent analyst reports. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research note on Thursday. HC Wainwright reduced their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating on the stock in a research report on Thursday. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They set an "outperform" rating for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Bitfarms presently has an average rating of "Moderate Buy" and an average target price of $3.97.

Bitfarms Price Performance

The company has a market cap of $377.81 million, a P/E ratio of -2.19 and a beta of 3.68. The firm's 50-day moving average is $1.27 and its two-hundred day moving average is $1.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.07. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. Analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

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Hedge Funds Weigh In On Bitfarms

Large investors have recently made changes to their positions in the company. Invesco Ltd. lifted its stake in Bitfarms by 9.3% in the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock worth $19,900,000 after purchasing an additional 1,140,037 shares during the last quarter. MMCAP International Inc. SPC lifted its stake in shares of Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock worth $19,896,000 after acquiring an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after acquiring an additional 6,477,985 shares during the period. Vident Advisory LLC grew its position in Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after acquiring an additional 2,828,703 shares during the last quarter. Finally, State Street Corp increased its stake in Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company's stock worth $10,376,000 after purchasing an additional 63,916 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.