Bitfarms (NASDAQ:BITF) Trading Down 6.5% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was down 6.5% during mid-day trading on Friday . The company traded as low as $2.31 and last traded at $2.43. Approximately 75,546,669 shares were traded during mid-day trading, an increase of 68% from the average daily volume of 44,956,789 shares. The stock had previously closed at $2.60.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BITF. Cantor Fitzgerald boosted their target price on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Northland Securities set a $7.00 price objective on Bitfarms in a research note on Monday, October 13th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Finally, Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Bitfarms Price Performance

The business’s 50-day moving average price is $3.62 and its 200 day moving average price is $1.98. The company has a market capitalization of $1.37 billion, a P/E ratio of -10.57 and a beta of 3.77. The company has a quick ratio of 3.03, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

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

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE bought a new stake in shares of Bitfarms during the 3rd quarter valued at about $34,000. Arkadios Wealth Advisors purchased a new stake in Bitfarms in the first quarter valued at approximately $39,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter valued at approximately $43,000. Baker Avenue Asset Management LP purchased a new position in Bitfarms in the 2nd quarter worth approximately $50,000. Finally, SG Americas Securities LLC bought a new position in shares of Bitfarms in the 3rd quarter worth $51,000. 20.59% of the stock is currently owned by institutional investors.

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.