Bitfarms (NASDAQ:BITF) Trading Down 2.3% – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price was down 2.3% on Wednesday . The company traded as low as $2.89 and last traded at $2.94. Approximately 39,910,950 shares changed hands during trading, a decline of 13% from the average daily volume of 45,936,344 shares. The stock had previously closed at $3.01.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BITF. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Northland Securities set a $7.00 price target on Bitfarms in a research note on Monday, October 13th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. HC Wainwright reissued a “buy” rating and issued a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Finally, Cantor Fitzgerald raised their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

Bitfarms Stock Down 2.3%

The firm has a market capitalization of $1.67 billion, a PE ratio of -12.78 and a beta of 3.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The company has a 50-day moving average price of $3.68 and a 200 day moving average price of $2.17.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The company had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. Analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Baader Bank Aktiengesellschaft increased its stake in Bitfarms by 390.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company’s stock worth $121,000 after acquiring an additional 114,245 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company’s stock worth $4,316,000 after purchasing an additional 1,223,201 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Bitfarms by 108.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after purchasing an additional 144,593 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in Bitfarms by 10.4% during the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock valued at $5,279,000 after buying an additional 628,603 shares during the period. 20.59% of the stock is currently owned by institutional investors.

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.