Bitfarms (NASDAQ:BITF) Shares Down 4.2% - Should You Sell?

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) fell 4.2% on Wednesday . The stock traded as low as $1.02 and last traded at $1.03. 6,177,615 shares traded hands during trading, a decline of 78% from the average session volume of 28,673,813 shares. The stock had previously closed at $1.07.

Analyst Upgrades and Downgrades

BITF has been the topic of a number of research reports. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a report on Thursday, March 27th. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, HC Wainwright reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, Bitfarms has a consensus rating of "Buy" and an average target price of $4.44.

Bitfarms Stock Down 3.4%

The firm's 50 day simple moving average is $0.95 and its 200 day simple moving average is $1.36. The company has a market cap of $502.76 million, a price-to-earnings ratio of -2.52 and a beta of 3.69. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate 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 analysts' expectations of $67.17 million. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Guided Capital Wealth Management LLC acquired a new stake in shares of Bitfarms in the 4th quarter worth approximately $30,000. Money Concepts Capital Corp acquired a new stake in Bitfarms in the fourth quarter worth approximately $30,000. National Bank of Canada FI boosted its stake in Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Olympiad Research LP acquired a new position in shares of Bitfarms during the 4th quarter valued at $36,000. Finally, Lifeworks Advisors LLC raised its stake in shares of Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares in the last quarter. Institutional investors own 20.59% of the company's stock.

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.