Bitfarms (NASDAQ:BITF) Stock Price Down 6.5% – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF) traded down 6.5% during mid-day trading on Tuesday . The company traded as low as $2.00 and last traded at $2.00. 18,422,739 shares were traded during trading, a decline of 27% from the average session volume of 25,299,379 shares. The stock had previously closed at $2.14.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BITF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Finally, Stifel Canada raised 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Price Performance

The firm has a market cap of $910.40 million, a PE ratio of -5.56 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. The stock’s fifty day moving average price is $2.06 and its 200-day moving average price is $2.27.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers boosted its position in shares of Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares during the period. K2 Principal Fund L.P. purchased a new position in shares of Bitfarms during the second quarter worth $816,000. Marshall Wace LLP acquired a new stake in shares of Bitfarms in the second quarter valued at $4,016,000. Van ECK Associates Corp grew its stake 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 buying an additional 911,952 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Bitfarms by 70.0% in the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after buying an additional 141,424 shares during the period. 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.