Bitfarms (NASDAQ:BITF) Stock Price Down 5.6% – Should You Sell?

Shares of Bitfarms Ltd. (NASDAQ:BITF) dropped 5.6% during mid-day trading on Monday . The company traded as low as $2.01 and last traded at $2.03. Approximately 38,843,182 shares changed hands during mid-day trading, an increase of 57% from the average daily volume of 24,663,891 shares. The stock had previously closed at $2.15.

Wall Street Analysts Forecast Growth

BITF has been the topic of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Trading Down 5.1 %

The stock has a market cap of $923.99 million, a PE ratio of -6.00 and a beta of 3.64. 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 stock’s fifty day moving average price is $2.07 and its 200 day moving average price is $2.26.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers purchased a new stake in Bitfarms in the 1st quarter worth approximately $1,558,000. Cetera Advisors LLC raised its position in shares of Bitfarms by 40.8% during the 1st quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock valued at $1,523,000 after purchasing an additional 198,470 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Bitfarms by 521.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after buying an additional 57,383 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after buying an additional 1,404,895 shares during the period. Finally, TD Asset Management Inc increased its stake in Bitfarms by 70.0% in the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after buying an additional 141,424 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.