Bitfarms (NASDAQ:BITF) Trading Down 8.9% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price was down 8.9% during mid-day trading on Wednesday . The stock traded as low as $2.15 and last traded at $2.0950. Approximately 4,487,819 shares changed hands during trading, a decline of 89% from the average daily volume of 39,179,691 shares. The stock had previously closed at $2.30.

Analyst Ratings Changes

BITF has been the topic of a number of research reports. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Wall Street Zen downgraded shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Cantor Fitzgerald upped their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus price target of $4.04.

Bitfarms Trading Down 14.1%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The stock has a fifty day moving average of $2.74 and a 200 day moving average of $2.65. The company has a market capitalization of $1.19 billion, a P/E ratio of -8.63 and a beta of 3.81.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data 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 return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. As a group, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BITF. Farther Finance Advisors LLC boosted its holdings in Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after acquiring an additional 6,510 shares during the period. US Bancorp DE bought a new stake in Bitfarms during the 3rd quarter valued at about $34,000. Apollon Wealth Management LLC purchased a new stake in Bitfarms in the 4th quarter valued at about $35,000. WINTON GROUP Ltd bought a new position in Bitfarms in the 2nd quarter worth about $43,000. Finally, Savvy Advisors Inc. purchased a new position in shares of Bitfarms during the fourth quarter worth approximately $49,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.