Bitfarms (NASDAQ:BITF) Shares Down 3.7% - Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price was down 3.7% during trading on Wednesday . The company traded as low as $0.92 and last traded at $0.92. Approximately 5,281,996 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 28,233,984 shares. The stock had previously closed at $0.96.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BITF shares. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a report on Thursday, March 27th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms currently has a consensus rating of "Buy" and a consensus target price of $4.44.

Bitfarms Stock Down 3.6%

The stock has a market capitalization of $464.23 million, a PE ratio of -2.33 and a beta of 3.54. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company's 50-day moving average is $0.96 and its 200 day moving average is $1.28.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The firm had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. As a group, analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its position in shares of Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after purchasing an additional 19,877 shares during the last quarter. Olympiad Research LP purchased a new position in shares of Bitfarms in the 4th quarter valued at about $36,000. Lifeworks Advisors LLC raised its position in shares of Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after acquiring an additional 7,339 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Bitfarms during the 1st quarter worth about $39,000. Finally, Cresset Asset Management LLC raised its position in shares of Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.