Bitfarms (NASDAQ:BITF) Shares Down 3.9% - Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price fell 3.9% on Friday . The stock traded as low as $1.97 and last traded at $1.97. 13,625,104 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 23,988,607 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

Several research analysts have commented on 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $3.66.

Bitfarms Stock Up 2.9 %

The stock has a 50 day moving average price of $2.06 and a 200 day moving average price of $2.25. 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 stock has a market capitalization of $955.68 million, a price-to-earnings ratio of -5.86 and a beta of 3.64.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in BITF. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the 3rd quarter worth about $37,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the 2nd quarter worth about $38,000. Shell Asset Management Co. bought a new stake in shares of Bitfarms in the 1st quarter valued at about $43,000. Finally, Chesapeake Capital Corp IL increased its stake in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after buying an additional 4,800 shares during the period. 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.