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

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

Wall Street Analysts Forecast Growth

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

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58. The company's 50 day moving average is $0.96 and its 200 day moving average is $1.13. The stock has a market cap of $594.88 million, a price-to-earnings ratio of -5.63 and a beta of 3.45.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The firm had revenue of $66.85 million during the quarter, compared to analysts' expectations of $67.17 million. Research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds have recently added to or reduced their stakes in the business. Cresset Asset Management LLC increased its holdings in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after acquiring an additional 9,795 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Bitfarms by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock worth $105,000 after buying an additional 13,378 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock worth $238,000 after buying an additional 14,865 shares in the last quarter. Insigneo Advisory Services LLC grew its holdings in shares of Bitfarms by 15.3% during the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock worth $202,000 after buying an additional 18,000 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Bitfarms by 5.0% during the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock worth $314,000 after buying an additional 19,089 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.