Bitfarms (NASDAQ:BITF) Shares Down 8.5% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) was down 8.5% during trading on Tuesday . The company traded as low as $1.16 and last traded at $1.14. Approximately 3,301,980 shares traded hands during trading, a decline of 92% from the average daily volume of 40,665,793 shares. The stock had previously closed at $1.24.

Wall Street Analyst Weigh In

BITF has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective 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. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Price Performance

The company has a 50-day moving average of $1.55 and a 200 day moving average of $1.90. The firm has a market cap of $529.66 million, a P/E ratio of -3.10 and a beta of 3.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new stake in Bitfarms during the 3rd quarter valued at $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the 3rd quarter worth about $37,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the 4th quarter worth about $30,000. Guided Capital Wealth Management LLC bought a new stake in Bitfarms during the 4th quarter worth about $30,000. Finally, National Bank of Canada FI increased its position in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after acquiring an additional 19,877 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

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.