Keel Infrastructure (NASDAQ:KEEL) Stock Price Down 16.4% Following Weak Earnings

Keel Infrastructure (NASDAQ:KEEL) shares dropped 16.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.88 and last traded at $1.7550. Approximately 6,264,966 shares traded hands during trading, a decline of 83% from the average session volume of 37,059,102 shares. The stock had previously closed at $2.10.

The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). Keel Infrastructure had a negative net margin of 230.59% and a negative return on equity of 66.18%. The company had revenue of $27.60 million during the quarter. During the same quarter last year, the business earned ($0.02) earnings per share.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. B. Riley Financial decreased their price objective on shares of Keel Infrastructure from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Keel Infrastructure in a research report on Friday, October 9th. Cantor Fitzgerald dropped their price target on shares of Keel Infrastructure from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Citigroup reiterated a “buy” rating on shares of Keel Infrastructure in a report on Monday, August 10th. Finally, BTIG Research assumed coverage on Keel Infrastructure in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $8.00 price target for the company. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.21.

Insider Activity at Keel Infrastructure

In related news, CEO Benjamin Gagnon purchased 58,888 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $3.33 per share, with a total value of $196,097.04. Following the completion of the purchase, the chief executive officer directly owned 1,347,736 shares in the company, valued at approximately $4,487,960.88. This trade represents a 4.57% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Liam Wilson bought 30,769 shares of Keel Infrastructure stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average price of $3.25 per share, for a total transaction of $99,999.25. Following the acquisition, the chief operating officer directly owned 100,978 shares of the company’s stock, valued at $328,178.50. The trade was a 43.82% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 128,545 shares of company stock valued at $425,593 in the last ninety days. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Keel Infrastructure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Situational Awareness LP purchased a new position in Keel Infrastructure in the second quarter valued at about $151,831,000. State Street Corp bought a new stake in shares of Keel Infrastructure during the 2nd quarter valued at about $78,100,000. Bank of New York Mellon Corp acquired a new stake in shares of Keel Infrastructure during the 2nd quarter worth approximately $9,989,000. Tidal Investments LLC acquired a new position in shares of Keel Infrastructure during the second quarter valued at $3,213,000. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Keel Infrastructure during the third quarter valued at approximately $719,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Keel Infrastructure Stock Down 18.0%

The company has a market cap of $1.06 billion, a price-to-earnings ratio of -5.80 and a beta of 4.10. The company has a current ratio of 16.26, a quick ratio of 16.10 and a debt-to-equity ratio of 3.11. The stock has a 50-day simple moving average of $3.10 and a 200-day simple moving average of $3.90.

About Keel Infrastructure

Bitfarms Ltd. is a bitcoin mining company. It provides vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver operational performance and uptime. Bitfarms Ltd. is based in TORONTO, Ontario.