Bitfarms (NASDAQ:BITF) Trading Down 4.3% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF) fell 4.3% during mid-day trading on Wednesday . The company traded as low as $1.97 and last traded at $1.98. 11,637,814 shares were traded during trading, a decline of 55% from the average session volume of 26,020,111 shares. The stock had previously closed at $2.07.

Analyst Upgrades and Downgrades

BITF has been the subject of several analyst reports. 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 for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Down 7.1 %

The firm has a market cap of $765.46 million, a PE ratio of -4.69 and a beta of 3.59. 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 firm has a 50 day moving average price of $2.07 and a 200-day moving average price of $2.26.

Institutional Investors Weigh In On Bitfarms

Large investors have recently modified their holdings of the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the 2nd quarter worth about $38,000. Chesapeake Capital Corp IL boosted its holdings 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 purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC purchased a new stake in shares of Bitfarms during the 3rd quarter worth approximately $63,000. 20.59% of the stock is owned by hedge funds and other 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.