Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price fell 2.1% during trading on Thursday . The company traded as low as $1.62 and last traded at $1.66. 12,635,473 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 26,429,777 shares. The stock had previously closed at $1.69.
Analyst Upgrades and Downgrades
BITF has been the topic of several research analyst reports. Stifel Canada raised Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. HC Wainwright reissued a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a "buy" rating and a $6.00 price target for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $4.05.
Get Our Latest Stock Report on BITF
Bitfarms Price Performance
The firm has a 50 day moving average price of $2.05 and a 200 day moving average price of $2.23. The stock has a market cap of $751.87 million, a P/E ratio of -4.61 and a beta of 3.59. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.
Hedge Funds Weigh In On Bitfarms
Large investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in shares of Bitfarms during the 2nd quarter valued at $4,016,000. Van ECK Associates Corp grew its position in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company's stock worth $13,271,000 after purchasing an additional 1,404,895 shares in the last quarter. Weiss Asset Management LP raised its stake in Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the period. K2 Principal Fund L.P. purchased a new position in Bitfarms in the 2nd quarter worth approximately $816,000. Finally, Cetera Investment Advisers boosted its stake in Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock worth $2,579,000 after purchasing an additional 299,273 shares during the period. Hedge funds and other institutional investors own 20.59% of the company's stock.
About Bitfarms
(
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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