Bitfarms (NASDAQ:BITF) Shares Down 4.1% – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) was down 4.1% during trading on Tuesday . The company traded as low as $1.06 and last traded at $1.06. Approximately 5,749,253 shares were traded during trading, a decline of 80% from the average daily volume of 29,041,084 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BITF shares. Keefe, Bruyette & Woods began coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Alliance Global Partners initiated coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Down 5.0 %

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

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Invesco Ltd. lifted its holdings in Bitfarms by 9.3% during the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock worth $19,900,000 after purchasing an additional 1,140,037 shares during the last quarter. MMCAP International Inc. SPC grew its position in shares of Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after purchasing an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Bitfarms by 106.6% during the 4th 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 increased its holdings in shares of Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after purchasing an additional 2,828,703 shares during the period. Finally, State Street Corp raised its position in shares of Bitfarms by 1.3% in the third 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 and hedge funds 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.