Bitfarms (NASDAQ:BITF) Shares Down 4.9% - Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares were down 4.9% during trading on Wednesday . The company traded as low as $1.26 and last traded at $1.26. Approximately 10,009,481 shares were traded during trading, a decline of 64% from the average daily volume of 27,563,507 shares. The stock had previously closed at $1.32.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BITF shares. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Jones Trading started coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Five 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 target price of $3.95.

Bitfarms Stock Performance

The firm has a market cap of $685.79 million, a P/E ratio of -6.47 and a beta of 3.45. The stock's 50 day moving average is $0.98 and its two-hundred day moving average is $1.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58.

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

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cresset Asset Management LLC increased its stake in Bitfarms by 54.6% in the fourth 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bitfarms by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after acquiring an additional 13,378 shares during the period. Mackenzie Financial Corp grew its stake in 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 during the last quarter. Insigneo Advisory Services LLC grew its stake in 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 during the last quarter. Finally, TD Asset Management Inc grew its stake in 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 during the last quarter. 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.