Bitfarms (NASDAQ:BITF) Trading Down 2.1% – Here’s Why

Shares of Bitfarms Ltd. (NASDAQ:BITF) dropped 2.1% during trading on Thursday . The company traded as low as $1.62 and last traded at $1.66. Approximately 12,635,473 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 26,429,777 shares. The stock had previously closed at $1.69.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Down 0.7 %

The company has a market cap of $760.12 million, a price-to-earnings ratio of -4.66 and a beta of 3.59. The stock’s 50-day moving average is $2.05 and its 200-day moving average is $2.24. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Van ECK Associates Corp boosted its position in Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the last quarter. State Street Corp boosted its holdings in shares of Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after buying an additional 63,916 shares during the last quarter. Geode Capital Management LLC grew its position in Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the period. Weiss Asset Management LP grew its position in Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Bitfarms during the second quarter worth about $4,016,000. 20.59% of the stock is owned by hedge funds and other 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.