Bitfarms Ltd. (NASDAQ:BITF – Get Free Report)’s share price traded down 4.7% during mid-day trading on Wednesday . The stock traded as low as $2.00 and last traded at $2.01. 8,821,139 shares traded hands during trading, a decline of 65% from the average session volume of 25,015,693 shares. The stock had previously closed at $2.11.
Wall Street Analyst Weigh In
Several brokerages have issued reports on BITF. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Tuesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, March 28th.
Check Out Our Latest Report on BITF
Bitfarms Trading Down 2.4 %
Bitfarms (NASDAQ:BITF – Get Free Report) last issued its quarterly earnings results 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. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The firm had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same period last year, the company posted ($0.07) EPS. As a group, research analysts expect that Bitfarms Ltd. will post -0.1 EPS for the current year.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in shares of Bitfarms during the fourth quarter worth $29,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $34,000. Sloy Dahl & Holst LLC acquired a new position in Bitfarms during the fourth quarter worth $44,000. DMC Group LLC acquired a new stake in Bitfarms during the fourth quarter worth about $47,000. Finally, CCG Wealth Management LLC purchased a new position in Bitfarms during the first quarter worth about $50,000. 20.59% of the stock is owned by institutional investors and hedge funds.
About Bitfarms
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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