10 Oversold Financial Stocks To Buy Right Now

3. Bitfarms Ltd. (NASDAQ:BITF)

6-Month Performance: -36.08%

Number of Hedge Fund Holders: 15

Analysts Upside Potential: 222.58%

Bitfarms Ltd. (NASDAQ:BITF) is a Canada-based Bitcoin mining company that operates data centers and sells computational power to mining pools in exchange for Bitcoin. They have vertically integrated mining operations with in-house management, electrical engineering, installation services, and on-site technical repair centers. The company has 13 operating data centers and agreements with two additional data centers across Canada, the United States, Paraguay, and Argentina.

During the fiscal third quarter of 2023, the company focused on upgrading its fleet. It upgraded nearly the entire fleet of miners across 10 data centers. It also added 3 new data centers to their portfolio. In a major development, Bitfarms Ltd. (NASDAQ:BITF) unracked over 50,000 older miners and racked over 46,000 new miners along with increasing the hash rate by 83% to 11.9 exahash. The management aims to maximize the utility of megawatts by expanding into high-growth areas and synergistic business lines like hosting, HPC, AI heat recapture, recycling, and energy generation. It is one of the oversold financial stocks to buy right now.