Bitfarms (NASDAQ:BITF) Shares Down 4.1% – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price was down 4.1% during mid-day trading on Tuesday . The stock traded as low as $1.06 and last traded at $1.06. Approximately 5,749,253 shares were traded during trading, a decline of 80% from the average daily volume of 29,041,084 shares. The stock had previously closed at $1.10.

Analyst Ratings Changes

BITF has been the topic of several analyst reports. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. HC Wainwright dropped their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a report on Thursday. Finally, Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.97.

Bitfarms Price Performance

The company has a market capitalization of $456.85 million, a price-to-earnings ratio of -2.65 and a beta of 3.68. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average price of $1.30 and a 200 day moving average price of $1.73.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MMCAP International Inc. SPC grew its position in shares of Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after buying an additional 11,492,650 shares during the period. Van ECK Associates Corp raised its position in shares of Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after acquiring an additional 6,477,985 shares during the last quarter. Vident Advisory LLC lifted its stake in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the period. Paloma Partners Management Co boosted its position in shares of Bitfarms by 620.8% in the 4th quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company’s stock worth $2,685,000 after purchasing an additional 1,551,900 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock worth $3,728,000 after purchasing an additional 1,370,102 shares during the period. 20.59% of the stock is owned by 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.