Bitfarms (NASDAQ:BITF) Shares Down 3.9% - Time to Sell?

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) were down 3.9% during mid-day trading on Wednesday . The stock traded as low as $0.98 and last traded at $0.99. Approximately 10,059,489 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 27,476,024 shares. The stock had previously closed at $1.03.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BITF shares. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $4.44.

Bitfarms Stock Performance

The stock has a fifty day moving average of $0.96 and a 200 day moving average of $1.14. The company has a market capitalization of $572.64 million, a P/E ratio of -5.42 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). Bitfarms had a negative return on equity of 12.70% and a negative net margin of 40.09%. The company had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. As a group, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of BITF. Vident Advisory LLC increased its stake in Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after buying an additional 2,828,703 shares in the last quarter. Continental General Insurance Co. purchased a new position in shares of Bitfarms during the first quarter valued at about $2,124,000. Paloma Partners Management Co grew its position in shares of Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock valued at $2,685,000 after purchasing an additional 1,551,900 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock valued at $3,728,000 after purchasing an additional 1,370,102 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Bitfarms by 28.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after purchasing an additional 1,223,201 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.

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.

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