Bitfarms (NASDAQ:BITF) Shares Down 6.4% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF) shares traded down 6.4% during trading on Tuesday . The stock traded as low as $1.63 and last traded at $1.65. 12,856,050 shares were traded during mid-day trading, a decline of 66% from the average session volume of 38,036,414 shares. The stock had previously closed at $1.76.

Analyst Upgrades and Downgrades

BITF has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners assumed coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research report on Wednesday. They issued an “outperform” rating on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Down 4.1 %

The company has a market capitalization of $733.75 million, a price-to-earnings ratio of -4.50 and a beta of 3.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The business’s 50 day moving average is $1.97 and its 200 day moving average is $2.15.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC purchased a new position in Bitfarms in the 3rd quarter worth $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth about $37,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the second quarter worth about $38,000. Chesapeake Capital Corp IL boosted its position 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 acquired a new position in Bitfarms in the 3rd quarter worth 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.