Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) traded down 6.4% on Tuesday . The company traded as low as $1.63 and last traded at $1.65. 12,856,050 shares were traded during mid-day trading, a decline of 66% from the average session volume of 38,036,414 shares. The stock had previously closed at $1.76.
Analyst Ratings Changes
A number of research firms have recently issued reports on BITF. Cantor Fitzgerald reiterated an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a "buy" rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. Finally, Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They set a "buy" rating and a $6.00 target price for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $4.05.
Check Out Our Latest Analysis on BITF
Bitfarms Stock Down 4.0 %
The firm has a market cap of $765.46 million, a P/E ratio of -4.69 and a beta of 3.67. The firm's 50-day moving average price is $1.99 and its 200 day moving average price is $2.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.
Hedge Funds Weigh In On Bitfarms
Several large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Bitfarms by 521.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company's stock valued at $176,000 after acquiring an additional 57,383 shares during the period. TD Asset Management Inc grew its position in shares of Bitfarms by 70.0% during the second quarter. TD Asset Management Inc now owns 343,395 shares of the company's stock worth $886,000 after acquiring an additional 141,424 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the second quarter worth about $38,000. Marshall Wace LLP acquired a new stake in shares of Bitfarms in the 2nd quarter worth about $4,016,000. Finally, K2 Principal Fund L.P. acquired a new position in shares of Bitfarms during the second quarter worth approximately $816,000. 20.59% of the stock is currently owned by institutional investors.
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.
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