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Shares of Bitfarms Ltd. (NASDAQ:BITF) are falling Thursday after the company released disappointing third-quarter results.
What To Know: Bitfarms reported quarterly losses of 8 cents per share, which missed the analyst consensus estimate for a loss of 2 cents per share. The company reported quarterly revenue of $69.25 million, which missed the analyst consensus estimate of approximately $80 million.
Shares of the digital infrastructure company were down more than 13% at last check, according to Benzinga Pro.
Bitfarms said its updated energy portfolio consists of 2.1 GW of power infrastructure assets in the U.S. and Canada, including 341 MW of energized capacity, 440 MW of secured contracted growth capacity and 1,360 MW of capacity under application.
Bitfarms shared plans to convert a facility in Washington and evaluate different streams of revenue, including cloud operations. The company noted that it appointed a former Amazon Web Services executive to its board in August.
Bitfarms said its mining fleet remains efficient at 18 installed Watts/TH and continues to generate cash flow. The company said it earned 520 Bitcoin (CRYPTO: BTC) in the quarter at an average direct cost of $48,200.
Bitfarms has also been repurchasing shares. The company is approved to purchase up to 10% of the public float until late July of next year. To date, Bitfarms has repurchased 7.8 million shares at an average price of $1.27 for a total of approximately $10 million. The company’s current float is at 533.55 million, according to Benzinga Pro.
"We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company," said CEO Ben Gagnon.
BITF Analysis: Bitfarms is currently trading approximately 21.3% below its 50-day moving average of $3.48, which suggests a bearish sentiment in the short term. The stock is, however, trading 62.7% above its 200-day moving average of $1.68, indicating a longer-term bullish trend that may still be intact despite recent volatility.
The calculated support level for Bitfarms stands at $2.49, which could act as a critical threshold for buyers in the coming sessions. Without a defined resistance level due to the recent price action, the 52-week high of $6.60 may serve as a psychological barrier for traders looking to re-enter the market after this downturn.
BITF Price Action: Bitfarms shares were down 13.39% at $2.74 at the time of publication on Thursday. The stock is trading within its 52-week range of $0.67 to $6.60.
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