Bitfarms (NASDAQ:BITF) Shares Down 9.1% – Should You Sell?

by · The Cerbat Gem

Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) shares dropped 9.1% on Thursday . The stock traded as low as $3.67 and last traded at $3.69. Approximately 65,679,663 shares were traded during trading, an increase of 51% from the average daily volume of 43,490,766 shares. The stock had previously closed at $4.06.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BITF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. B. Riley restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Compass Point initiated coverage on Bitfarms in a report on Monday, September 15th. They set a “buy” rating on the stock. Jones Trading initiated coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $5.50 price objective on shares of Bitfarms in a research note on Wednesday, October 29th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Check Out Our Latest Research Report on Bitfarms

Bitfarms Stock Performance

The stock has a market capitalization of $2.06 billion, a P/E ratio of -21.53 and a beta of 3.77. The stock’s 50-day simple moving average is $3.36 and its 200 day simple moving average is $1.86. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.

Bitfarms (NASDAQ:BITF – Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. lifted its holdings in shares of Bitfarms by 69.9% during the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock worth $117,000 after buying an additional 61,085 shares in the last quarter. Theory Financial LLC acquired a new stake in Bitfarms in the 1st quarter worth about $48,000. Private Advisor Group LLC grew its position in shares of Bitfarms by 26.2% during the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company’s stock worth $140,000 after purchasing an additional 37,000 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of 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 purchasing an additional 19,089 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Bitfarms by 13.0% in the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company’s stock valued at $145,000 after buying an additional 21,238 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Company Profile

(Get Free Report)

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.

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