Bitfarms (NASDAQ:BITF) Shares Down 4.3% - Here's What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) fell 4.3% during mid-day trading on Wednesday . The company traded as low as $1.97 and last traded at $1.98. 11,637,814 shares traded hands during trading, a decline of 55% from the average session volume of 26,020,111 shares. The stock had previously closed at $2.07.

Analyst Ratings Changes

Several analysts have issued reports on BITF shares. Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Bitfarms has an average rating of "Moderate Buy" and a consensus price target of $4.05.

Bitfarms Stock Down 12.1 %

The firm has a market cap of $824.34 million, a price-to-earnings ratio of -5.06 and a beta of 3.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The business's 50 day moving average price is $2.07 and its 200 day moving average price is $2.27.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp lifted its holdings in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock valued at $11,969,000 after purchasing an additional 911,952 shares in the last quarter. State Street Corp boosted its holdings in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company's stock worth $10,376,000 after buying an additional 63,916 shares during the last quarter. Geode Capital Management LLC increased its stake in 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 buying an additional 81,760 shares in the last quarter. Weiss Asset Management LP raised its holdings in shares of Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after acquiring an additional 1,004,400 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Bitfarms in the second quarter valued at approximately $4,016,000. Hedge funds and other institutional investors 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.