Bitfarms (NASDAQ:BITF) Trading Down 6.5% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Bitfarms Price Performance

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 company’s 50 day simple moving average is $2.06 and its 200 day simple moving average is $2.27. The company has a market capitalization of $910.40 million, a PE ratio of -5.56 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. HighTower Advisors LLC purchased a new position in shares of Bitfarms during the third quarter worth about $25,000. Lifeworks Advisors LLC purchased a new position in Bitfarms during the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth approximately $38,000. Chesapeake Capital Corp IL lifted its stake in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC purchased a new stake in Bitfarms in the third quarter valued at approximately $63,000. 20.59% of the stock is currently 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.