Bitfarms (NASDAQ:BITF) Shares Down 3.9% – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) fell 3.9% during mid-day trading on Friday . The stock traded as low as $1.97 and last traded at $1.97. 13,625,104 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 23,988,607 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

The company’s fifty day simple moving average is $2.06 and its 200 day simple moving average is $2.24. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $937.57 million, a P/E ratio of -5.69 and a beta of 3.64.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Cetera Investment Advisers lifted its holdings 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 acquiring an additional 299,273 shares during the last quarter. Shell Asset Management Co. purchased a new position in Bitfarms in the 1st quarter worth $43,000. K2 Principal Fund L.P. purchased a new position in Bitfarms in the 2nd quarter worth $816,000. Marshall Wace LLP purchased a new position in Bitfarms in the 2nd quarter worth $4,016,000. Finally, Van ECK Associates Corp raised its position in Bitfarms by 17.7% in 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 period. 20.59% of the stock is owned by 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.