Bitfarms (NASDAQ:BITF) Trading Down 7.7% – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF) shares traded down 7.7% during mid-day trading on Friday . The stock traded as low as $2.22 and last traded at $2.2050. 15,543,126 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 36,071,609 shares. The stock had previously closed at $2.39.

Analyst Ratings Changes

Several research firms recently commented on BITF. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Price Performance

The stock has a 50 day moving average of $2.34 and a two-hundred day moving average of $2.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The stock has a market cap of $1.34 billion, a PE ratio of -9.63 and a beta of 3.81.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently made changes to their positions in BITF. Virtu Financial LLC purchased a new position in Bitfarms during the 4th quarter worth approximately $497,000. Creek Drive Management Group LLC purchased a new stake in shares of Bitfarms in the fourth quarter valued at $1,998,000. Mackenzie Financial Corp boosted its position in shares of Bitfarms by 87.6% in the fourth quarter. Mackenzie Financial Corp now owns 539,688 shares of the company’s stock worth $1,286,000 after buying an additional 251,982 shares during the period. XTX Topco Ltd grew its holdings in shares of Bitfarms by 48.1% during the fourth quarter. XTX Topco Ltd now owns 538,103 shares of the company’s stock valued at $1,265,000 after buying an additional 174,720 shares in the last quarter. Finally, Vennlight Capital Management LP purchased a new position in shares of Bitfarms during the fourth quarter valued at $1,960,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.