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

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BITF. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Down 6.8 %

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 stock has a market cap of $955.45 million, a P/E ratio of -6.03 and a beta of 3.64. 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

Large investors have recently modified their holdings of the company. Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC raised its stake in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth $38,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after acquiring an additional 15,167 shares in the last quarter. Finally, Lifeworks Advisors LLC acquired a new position in Bitfarms during the third quarter worth $37,000. 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.