Bitfarms (NASDAQ:BITF) Shares Down 5.2% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) shares were down 5.2% during trading on Wednesday . The stock traded as low as $2.51 and last traded at $2.55. Approximately 19,583,531 shares traded hands during trading, a decline of 15% from the average daily volume of 23,004,498 shares. The stock had previously closed at $2.69.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. 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 MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Price Performance

The company has a fifty day simple moving average of $2.02 and a 200-day simple moving average of $2.23. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds have recently modified their holdings of BITF. Swiss National Bank acquired a new position in Bitfarms in the 1st quarter valued at about $1,426,000. Shell Asset Management Co. acquired a new position in Bitfarms in the first quarter valued at approximately $43,000. Vident Advisory LLC grew its position in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after acquiring an additional 885,217 shares during the period. Quadrature Capital Ltd acquired a new stake in Bitfarms during the first quarter worth $1,640,000. Finally, Bayesian Capital Management LP raised its position in Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after purchasing an additional 34,200 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.