Bitfarms (NASDAQ:BITF) Shares Down 4.8% - Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was down 4.8% during mid-day trading on Wednesday . The company traded as low as $1.99 and last traded at $2.00. Approximately 5,138,257 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 21,791,459 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BITF shares. HC Wainwright reaffirmed a "buy" rating and set a $4.00 target price on shares of Bitfarms in a research report on Monday, September 23rd. Cantor Fitzgerald restated an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $3.66.

Bitfarms Stock Performance

The stock has a market capitalization of $806.33 million, a PE ratio of -5.11 and a beta of 3.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The firm has a 50 day moving average of $2.07 and a 200-day moving average of $2.21.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The business had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. Research analysts forecast that Bitfarms Ltd. will post -0.29 earnings per share for the current year.

Institutional Trading of Bitfarms

Institutional investors have recently bought and sold shares of the company. WINTON GROUP Ltd acquired a new stake in Bitfarms in the second quarter valued at approximately $38,000. VitalStone Financial LLC bought a new stake in Bitfarms in the first quarter worth $37,000. Shell Asset Management Co. bought a new stake in Bitfarms in the first quarter worth $43,000. CCG Wealth Management LLC acquired a new position in Bitfarms during the first quarter worth $50,000. Finally, HBW Advisory Services LLC bought a new position in Bitfarms during the third quarter valued at about $63,000. Institutional investors and hedge funds 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.