Bitfarms (NASDAQ:BITF) Stock Price Down 5.1% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price traded down 5.1% during mid-day trading on Friday . The stock traded as low as $2.54 and last traded at $2.5350. 3,582,749 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 45,568,629 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BITF shares. Macquarie restated an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. B. Riley reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Cantor Fitzgerald increased their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, Northland Securities set a $7.00 target price on shares of Bitfarms in a report on Monday, October 13th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and an average target price of $4.25.

Bitfarms Stock Down 4.3%

The firm has a market cap of $1.53 billion, a P/E ratio of -11.11 and a beta of 3.78. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average of $3.28 and a 200-day moving average of $2.29.

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 net margin of 48.26% and a negative return on equity of 4.48%. The business had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. On average, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE acquired a new stake in Bitfarms in the third quarter valued at approximately $34,000. SG Americas Securities LLC bought a new position in shares of Bitfarms during the 3rd quarter worth about $51,000. Swiss Life Asset Management Ltd bought a new stake in shares of Bitfarms during the third quarter valued at approximately $56,000. Weaver Consulting Group acquired a new position in Bitfarms during the third quarter worth $57,000. Finally, PFG Investments LLC acquired a new position in shares of Bitfarms during the third quarter valued at about $71,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.