Bitfarms (NASDAQ:BITF) Trading Down 4.3% – Time to Sell?

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

Analyst Ratings Changes

Several analysts have recently commented on BITF shares. Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company. 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. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Down 3.9 %

The company has a market capitalization of $901.34 million, a PE ratio of -5.53 and a beta of 3.59. The stock’s fifty day moving average is $2.07 and its two-hundred day moving average is $2.27. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the last quarter. State Street Corp lifted its position in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after buying an additional 63,916 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the last quarter. Weiss Asset Management LP grew its stake in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after acquiring an additional 1,004,400 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Bitfarms in the 2nd quarter worth about $4,016,000. 20.59% of the stock is currently owned by hedge funds and other 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.