Bitfarms (NASDAQ:BITF) Shares Down 4.1% – Time to Sell?

Shares of Bitfarms Ltd. (NASDAQ:BITF) traded down 4.1% on Tuesday . The stock traded as low as $1.06 and last traded at $1.06. 5,749,253 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 29,041,084 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

BITF has been the topic of a number of recent research reports. Keefe, Bruyette & Woods started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Alliance Global Partners assumed coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Price Performance

The company has a 50-day moving average price of $1.33 and a 200-day moving average price of $1.74. The firm has a market capitalization of $500.90 million, a P/E ratio of -2.90 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Hedge Funds Weigh In On Bitfarms

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

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.