Bitfarms (NASDAQ:BITF) Stock Price Down 5.2% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF)’s stock price dropped 5.2% during trading on Wednesday . The company traded as low as $2.51 and last traded at $2.55. Approximately 19,583,531 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 23,004,498 shares. The stock had previously closed at $2.69.

Wall Street Analysts Forecast Growth

BITF has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Price Performance

The company has a market capitalization of $955.45 million, a P/E ratio of -6.03 and a beta of 3.64. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The business has a 50 day simple moving average of $2.03 and a 200-day simple moving average of $2.23.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Lifeworks Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth approximately $37,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the second quarter valued at $38,000. Shell Asset Management Co. bought a new stake in shares of Bitfarms during the first quarter valued at about $43,000. Chesapeake Capital Corp IL lifted 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 worth $50,000 after purchasing an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC acquired a new position in Bitfarms during the 3rd quarter valued at about $63,000. 20.59% of the stock is 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.