Bitfarms (NASDAQ:BITF) Stock Price Down 4.1% – Should You Sell?

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

Analyst Ratings Changes

BITF has been the subject of several recent analyst reports. HC Wainwright decreased their price objective on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a report on Thursday. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.97.

Bitfarms Stock Down 3.5 %

The firm has a 50 day moving average of $1.30 and a 200-day moving average of $1.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The stock has a market capitalization of $456.85 million, a P/E ratio of -2.65 and a beta of 3.68.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp raised its stake in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after buying an additional 6,477,985 shares in the last quarter. Geode Capital Management LLC increased its stake in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after acquiring an additional 81,760 shares during the period. Barclays PLC acquired a new position in Bitfarms in the third quarter worth about $161,000. Charles Schwab Investment Management Inc. lifted its stake in Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock worth $3,728,000 after purchasing an additional 1,370,102 shares during the period. Finally, State Street Corp boosted its holdings in Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after purchasing an additional 63,916 shares in the last quarter. 20.59% of the stock is owned by 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.