Bitfarms (NASDAQ:BITF) Trading Down 5.1% – Should You Sell?

Shares of Bitfarms Ltd. (NASDAQ:BITF) were down 5.1% during trading on Friday . The stock traded as low as $4.60 and last traded at $5.01. Approximately 178,510,898 shares were traded during trading, an increase of 346% from the average daily volume of 40,064,137 shares. The stock had previously closed at $5.28.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BITF. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Compass Point began coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Finally, Jones Trading began coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 price objective on the stock. Six 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, Bitfarms has a consensus rating of “Moderate Buy” and an average target price of $4.35.

Bitfarms Stock Performance

The company has a market cap of $2.82 billion, a P/E ratio of -29.47 and a beta of 3.73. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $2.50 and its 200 day moving average price is $1.51.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The firm had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. As a group, research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of BITF. Trium Capital LLP acquired a new stake in shares of Bitfarms in the first quarter worth $609,000. SBI Securities Co. Ltd. boosted its stake in Bitfarms by 69.9% during the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock worth $117,000 after buying an additional 61,085 shares in the last quarter. Theory Financial LLC acquired a new stake in Bitfarms during the first quarter worth $48,000. Private Advisor Group LLC boosted its stake in Bitfarms by 26.2% during the first quarter. Private Advisor Group LLC now owns 178,100 shares of the company’s stock worth $140,000 after buying an additional 37,000 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Bitfarms by 5.0% during the first quarter. TD Asset Management Inc now owns 400,532 shares of the company’s stock worth $314,000 after buying an additional 19,089 shares in the last quarter. Institutional investors and hedge funds 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.