Bitfarms (NASDAQ:BITF) Shares Down 8.5% – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) traded down 8.5% on Tuesday . The stock traded as low as $1.16 and last traded at $1.14. 3,301,980 shares were traded during mid-day trading, a decline of 92% from the average session volume of 40,665,793 shares. The stock had previously closed at $1.24.

Analysts Set New Price Targets

A number of research analysts have commented on BITF shares. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Price Performance

The firm has a market cap of $529.66 million, a P/E ratio of -3.10 and a beta of 3.65. The business has a fifty day moving average of $1.55 and a 200 day moving average of $1.90. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of BITF. Invesco Ltd. boosted its stake in Bitfarms by 9.3% in the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock valued at $19,900,000 after purchasing an additional 1,140,037 shares during the period. MMCAP International Inc. SPC lifted its holdings in shares of Bitfarms by 617.9% during the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after buying an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Bitfarms by 106.6% in the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after acquiring an additional 6,477,985 shares during the period. Vident Advisory LLC increased its position in Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after acquiring an additional 2,828,703 shares during the period. Finally, State Street Corp raised its stake in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after purchasing an additional 63,916 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.