Bitfarms (NASDAQ:BITF) Shares Down 7.7% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF) shares were down 7.7% on Friday . The stock traded as low as $2.22 and last traded at $2.2050. Approximately 15,543,126 shares were traded during trading, a decline of 57% from the average daily volume of 36,071,609 shares. The stock had previously closed at $2.39.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BITF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Bitfarms has an average rating of “Moderate Buy” and a consensus price target of $4.04.

Bitfarms Trading Down 9.0%

The firm has a market cap of $1.31 billion, a P/E ratio of -9.50 and a beta of 3.81. The firm’s fifty day moving average is $2.35 and its two-hundred day moving average is $2.84. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently modified their holdings of the stock. Western Wealth Management LLC increased its position in Bitfarms by 12.8% during the 3rd quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares in the last quarter. Compagnie Lombard Odier SCmA boosted its holdings in Bitfarms by 3.0% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 180,200 shares of the company’s stock worth $425,000 after acquiring an additional 5,200 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Bitfarms by 144.7% in the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after acquiring an additional 6,510 shares during the last quarter. LPL Financial LLC grew its stake in shares of Bitfarms by 9.6% in the fourth quarter. LPL Financial LLC now owns 86,997 shares of the company’s stock worth $204,000 after acquiring an additional 7,641 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Bitfarms by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock valued at $811,000 after acquiring an additional 9,713 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.