Free Trial

Bitfarms (NASDAQ:BITF) Stock Price Down 8.5% - Here's Why

Bitfarms logo with Business Services background
Remove Ads

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price was down 8.5% during trading on Tuesday . The stock traded as low as $1.16 and last traded at $1.14. Approximately 3,301,980 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 40,665,793 shares. The stock had previously closed at $1.24.

Analysts Set New Price Targets

A number of research firms have weighed in on BITF. Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They set a "buy" rating and a $6.00 price objective on the stock. HC Wainwright reissued a "buy" rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Stifel Canada raised shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $4.05.

Get Our Latest Analysis on Bitfarms

Bitfarms Price Performance

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 company has a market cap of $527.27 million, a price-to-earnings ratio of -3.06 and a beta of 3.64. The stock's 50-day simple moving average is $1.49 and its 200 day simple moving average is $1.87.

Remove Ads

Hedge Funds Weigh In On Bitfarms

Hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC purchased a new stake in Bitfarms in the third quarter valued at approximately $25,000. Money Concepts Capital Corp acquired a new stake in shares of Bitfarms in the fourth quarter valued at $30,000. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms in the 4th quarter valued at $30,000. National Bank of Canada FI lifted its stake in Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after acquiring an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in Bitfarms during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Bitfarms Company Profile

(Get Free Report)

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.

Further Reading

Should You Invest $1,000 in Bitfarms Right Now?

Before you consider Bitfarms, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bitfarms wasn't on the list.

While Bitfarms currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

12 Stocks Corporate Insiders are Abandoning Cover

If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.

Get This Free Report
Like this article? Share it with a colleague.
Remove Ads

Featured Articles and Offers

Recent Videos

Institutions Are Dumping These 3 Stocks—Should You?
Will Tesla’s Robot Future Save Its Falling Stock?
NVIDIA’s Dip Is a Gift—Here’s Why It Won’t Last

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines

Remove Ads