Bitfarms (NASDAQ:BITF) Shares Down 3.9% - Should You Sell?

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BITF. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research note on Thursday, March 27th. Finally, HC Wainwright restated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company 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 has a market cap of $594.88 million, a price-to-earnings ratio of -5.63 and a beta of 3.45. The firm's 50 day simple moving average is $0.96 and its 200-day simple moving average is $1.14.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced 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 net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million during the quarter, compared to analysts' expectations of $67.17 million. As a group, sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in BITF. Wealth Enhancement Advisory Services LLC purchased a new position in Bitfarms during the second quarter worth about $211,000. Baader Bank Aktiengesellschaft raised its holdings in Bitfarms by 390.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock worth $121,000 after purchasing an additional 114,245 shares in the last quarter. Blue Rock Wealth Management LLC purchased a new position in Bitfarms during the first quarter worth about $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $4,316,000 after purchasing an additional 1,223,201 shares in the last quarter. Finally, Vident Advisory LLC raised its holdings in Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after purchasing an additional 628,603 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.