Bitfarms (NASDAQ:BITF) Shares Down 4.3% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) dropped 4.3% during 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 mid-day trading, a decline of 55% from the average daily volume of 26,020,111 shares. The stock had previously closed at $2.07.

Analyst Upgrades and Downgrades

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

Bitfarms Trading Down 3.9 %

The stock has a market capitalization of $901.34 million, a P/E ratio of -5.53 and a beta of 3.59. The firm’s 50 day simple moving average is $2.07 and its two-hundred day simple moving average is $2.27. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BITF. HighTower Advisors LLC bought a new stake in shares of Bitfarms during the third quarter valued at approximately $25,000. Lifeworks Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter worth $37,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the 2nd quarter valued at $38,000. Chesapeake Capital Corp IL increased its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new position in Bitfarms during the third quarter worth $63,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.