Bitfarms (NASDAQ:BITF) Stock Price Down 6.4% – Time to Sell?

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

Analysts Set New Price Targets

BITF has been the subject of a number of research analyst reports. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. 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. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Trading Down 4.0 %

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $765.46 million, a PE ratio of -4.69 and a beta of 3.67. The stock’s 50 day moving average is $1.99 and its two-hundred day moving average is $2.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 272 Capital LP bought a new stake in Bitfarms during the third quarter valued at about $222,000. Barclays PLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at about $161,000. Geode Capital Management LLC raised its stake in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Bitfarms during the 3rd quarter worth approximately $201,000. Finally, XTX Topco Ltd purchased a new stake in Bitfarms during the third quarter valued at approximately $254,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.