Bitfarms (NASDAQ:BITF) Stock Price Down 4.3% – What’s Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF) fell 4.3% on Wednesday . The company traded as low as $1.97 and last traded at $1.98. 11,637,814 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 26,020,111 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

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

Bitfarms Price Performance

The stock has a market capitalization of $765.46 million, a price-to-earnings ratio of -4.69 and a beta of 3.59. 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 stock has a 50-day moving average price of $2.07 and a 200 day moving average price of $2.26.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp lifted its position in shares of Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after acquiring an additional 911,952 shares in the last quarter. State Street Corp lifted its stake in 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 purchasing an additional 63,916 shares in the last quarter. Geode Capital Management LLC lifted its stake in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after purchasing an additional 81,760 shares in the last quarter. Weiss Asset Management LP grew its position in shares of Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Bitfarms in the second quarter valued at approximately $4,016,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.