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

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on BITF. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Alliance Global Partners began coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Performance

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter worth $25,000. WINTON GROUP Ltd bought a new position in Bitfarms in the 2nd quarter worth about $38,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms in the 3rd quarter valued at about $37,000. Chesapeake Capital Corp IL boosted its position in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new stake in shares of Bitfarms during the 3rd quarter valued at about $63,000. 20.59% of the stock is owned by institutional investors.

About Bitfarms

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.