Bitfarms (NASDAQ:BITF) Shares Down 3.9% – What’s Next?

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

Analyst Ratings Changes

BITF has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. 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 company has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Up 2.9 %

The firm has a 50-day moving average of $2.06 and a two-hundred day moving average of $2.25. The stock has a market capitalization of $955.68 million, a price-to-earnings ratio of -5.86 and a beta of 3.64. 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

Large investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC acquired a new stake in shares of Bitfarms during the 3rd quarter valued at $25,000. Lifeworks Advisors LLC acquired a new stake in Bitfarms during the third quarter valued at $37,000. WINTON GROUP Ltd acquired a new stake in Bitfarms during the second quarter valued at $38,000. Shell Asset Management Co. purchased a new position in Bitfarms in the first quarter valued at about $43,000. Finally, Chesapeake Capital Corp IL increased its position in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.