Bitfarms (NASDAQ:BITF) Stock Price Down 6.4% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) traded down 6.4% during trading on Tuesday . The stock traded as low as $1.63 and last traded at $1.65. 12,856,050 shares changed hands during trading, a decline of 66% from the average session volume of 38,036,414 shares. The stock had previously closed at $1.76.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday. They set an “outperform” rating on the stock. Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Down 4.1 %

The stock has a market cap of $733.75 million, a PE ratio of -4.50 and a beta of 3.67. The business has a fifty day moving average of $1.97 and a 200-day moving average of $2.15. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Hedge Funds Weigh In On Bitfarms

Hedge funds and other institutional investors have recently made changes to their positions in the company. TD Asset Management Inc lifted its stake in Bitfarms by 70.0% in the second quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after acquiring an additional 141,424 shares during the period. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the 2nd quarter worth approximately $38,000. Marshall Wace LLP bought a new position in shares of Bitfarms during the second quarter valued at approximately $4,016,000. K2 Principal Fund L.P. purchased a new position in Bitfarms during the second quarter valued at approximately $816,000. Finally, Mackenzie Financial Corp raised its stake in Bitfarms by 67.3% in the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after buying an additional 61,624 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

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.