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.
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
(
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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.
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