Bitfarms (NASDAQ:BITF) Stock Price Down 5.5% – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price was down 5.5% during trading on Tuesday . The stock traded as low as $3.10 and last traded at $3.10. Approximately 91,449,714 shares changed hands during mid-day trading, an increase of 100% from the average daily volume of 45,816,898 shares. The stock had previously closed at $3.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BITF shares. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research note on Monday, October 13th. Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Finally, Cantor Fitzgerald raised their target price on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.54.

Bitfarms Price Performance

The company has a 50-day moving average of $3.64 and a 200 day moving average of $2.09. 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 announced 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). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The company had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. As a group, equities analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Large investors have recently bought and sold shares of the business. Swiss Life Asset Management Ltd acquired a new stake in Bitfarms in the 3rd quarter valued at about $56,000. Caitong International Asset Management Co. Ltd grew its position in shares of Bitfarms by 5,321,100.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 53,212 shares of the company’s stock valued at $150,000 after purchasing an additional 53,211 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Bitfarms in the third quarter valued at approximately $1,025,000. Polymer Capital Management HK LTD acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $113,000. Finally, Prelude Capital Management LLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $423,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.