Bitfarms (NASDAQ:BITF) Stock Price Down 4.8% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF) shares were down 4.8% during trading on Wednesday . The company traded as low as $1.99 and last traded at $2.00. Approximately 5,138,257 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 21,791,459 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

BITF has been the subject of several research reports. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Price Performance

The company’s 50 day simple moving average is $2.06 and its 200 day simple moving average is $2.21. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The stock has a market cap of $814.52 million, a P/E ratio of -5.24 and a beta of 3.63.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. As a group, equities analysts forecast that Bitfarms Ltd. will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new stake in shares of Bitfarms in the second quarter valued at about $38,000. VitalStone Financial LLC acquired a new position in Bitfarms during the 1st quarter worth approximately $37,000. Shell Asset Management Co. bought a new position in shares of Bitfarms during the 1st quarter worth approximately $43,000. CCG Wealth Management LLC acquired a new stake in shares of Bitfarms in the first quarter valued at approximately $50,000. Finally, HBW Advisory Services LLC bought a new stake in shares of Bitfarms in the third quarter worth $63,000. 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.