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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was down 4.2% on Wednesday . The stock traded as low as $1.02 and last traded at $1.03. Approximately 6,177,615 shares traded hands during trading, a decline of 78% from the average daily volume of 28,673,813 shares. The stock had previously closed at $1.07.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BITF shares. Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, HC Wainwright reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and a consensus price target of $4.01.

Bitfarms Stock Performance

The stock has a 50 day simple moving average of $0.95 and a 200 day simple moving average of $1.38. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a market cap of $518.21 million, a P/E ratio of -2.60 and a beta of 3.69.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (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 company had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. On average, equities analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of the business. Guided Capital Wealth Management LLC acquired a new stake in shares of Bitfarms during the 4th quarter valued at $30,000. Money Concepts Capital Corp acquired a new stake in shares of Bitfarms during the 4th quarter valued at $30,000. National Bank of Canada FI boosted its holdings in shares of 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 acquiring an additional 19,877 shares in the last quarter. Olympiad Research LP acquired a new stake in shares of Bitfarms during the 4th quarter valued at $36,000. Finally, Lifeworks Advisors LLC boosted its holdings in shares of Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock valued at $37,000 after acquiring 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.