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 Wednesday . The stock traded as low as $2.52 and last traded at $2.60. Approximately 57,004,782 shares changed hands during mid-day trading, an increase of 28% from the average daily volume of 44,630,113 shares. The stock had previously closed at $2.75.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BITF shares. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Cantor Fitzgerald increased their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research note on Monday, October 13th. Macquarie reiterated an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 price target (down previously from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $4.54.

Bitfarms Price Performance

The firm has a fifty day moving average of $3.59 and a 200 day moving average of $1.97. The company has a current ratio of 3.20, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.46 billion, a P/E ratio of -11.30 and a beta of 3.77.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The firm had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. On average, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC increased its holdings in Bitfarms by 12.8% during the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Bitfarms by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock valued at $811,000 after acquiring an additional 9,713 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in shares of Bitfarms by 36.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock worth $111,000 after purchasing an additional 10,619 shares in the last quarter. Cetera Investment Advisers raised its holdings in Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after purchasing an additional 10,622 shares during the period. Finally, US Bancorp DE bought a new position in Bitfarms in the 3rd quarter worth $34,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Company Profile

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.