Bitfarms (NASDAQ:BITF) Shares Down 4.4% - Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price fell 4.4% during trading on Monday . The stock traded as low as $0.99 and last traded at $0.99. 6,864,273 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 28,396,966 shares. The stock had previously closed at $1.03.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Industrial Alliance Securities set a $3.25 price target on Bitfarms in a research report on Thursday, March 27th. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a report on Thursday, March 27th. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an "outperform" rating on the stock. Finally, HC Wainwright decreased their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a report on Thursday, March 27th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Bitfarms currently has a consensus rating of "Moderate Buy" and an average target price of $3.84.

Bitfarms Stock Down 1.5 %

The company has a market cap of $547.29 million, a PE ratio of -2.82 and a beta of 3.74. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company's fifty day moving average is $1.00 and its 200-day moving average is $1.54.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.07. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The company had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. On average, analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of BITF. Invesco Ltd. increased its position in Bitfarms by 9.3% in the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock worth $19,900,000 after buying an additional 1,140,037 shares in the last quarter. MMCAP International Inc. SPC lifted its holdings in Bitfarms by 617.9% during the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after purchasing an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Bitfarms by 106.6% in the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock worth $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 87.6% during the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bitfarms by 23.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,270,442 shares of the company's stock valued at $6,327,000 after buying an additional 819,107 shares in the last quarter. 20.59% of the stock is owned by 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.

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