Bitfarms (NASDAQ:BITF) Hits New 52-Week Low – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF)’s stock price hit a new 52-week low on Monday . The stock traded as low as $1.31 and last traded at $1.38, with a volume of 2648256 shares. The stock had previously closed at $1.45.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Price Performance

The stock has a fifty day simple moving average of $1.75 and a 200-day simple moving average of $2.00. The company has a market capitalization of $670.34 million, a PE ratio of -4.11 and a beta of 3.65. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers boosted its position in shares of Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after buying an additional 299,273 shares during the period. Geode Capital Management LLC raised its position in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares in the last quarter. Barclays PLC bought a new stake in shares of Bitfarms during the 3rd quarter worth $161,000. State Street Corp lifted its holdings in shares of Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after purchasing an additional 63,916 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft raised its holdings in shares of Bitfarms by 245.8% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock worth $1,043,000 after acquiring an additional 497,789 shares in the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.