Bitfarms (NASDAQ:BITF) Stock Price Down 5.6% – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) shares traded down 5.6% during trading on Monday . The stock traded as low as $2.01 and last traded at $2.03. 38,843,182 shares traded hands during trading, an increase of 57% from the average session volume of 24,663,891 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Finally, Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Price Performance

The business’s 50 day moving average is $2.07 and its two-hundred day moving average is $2.26. The firm has a market capitalization of $923.99 million, a PE ratio of -6.00 and a beta of 3.64. 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

Several institutional investors have recently modified their holdings of BITF. Cetera Investment Advisers boosted its stake in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after buying an additional 299,273 shares in the last quarter. K2 Principal Fund L.P. purchased a new stake in Bitfarms during the second quarter valued at about $816,000. Marshall Wace LLP bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. Van ECK Associates Corp increased its stake in shares of Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after buying an additional 911,952 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of Bitfarms by 70.0% during the second quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after acquiring an additional 141,424 shares during the last quarter. 20.59% of the stock is currently 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.