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

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

Analyst Ratings Changes

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

Bitfarms Price Performance

The company’s 50-day simple moving average is $2.04 and its 200-day simple moving average is $2.23. The stock has a market capitalization of $738.28 million, a P/E ratio of -4.53 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 Investors Weigh In On Bitfarms

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

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.