Bitfarms (NASDAQ:BITF) Reaches New 12-Month Low – Here’s Why

Shares of Bitfarms Ltd. (NASDAQ:BITF) hit a new 52-week low during trading on Thursday . The stock traded as low as $1.09 and last traded at $1.10, with a volume of 22131951 shares. The stock had previously closed at $1.13.

Analyst Ratings Changes

BITF has been the subject of several research reports. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Trading Down 3.5 %

The stock has a market cap of $522.47 million, a price-to-earnings ratio of -3.03 and a beta of 3.64. The business’s 50 day simple moving average is $1.52 and its 200 day simple moving average is $1.89. 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

Institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $25,000. Lifeworks Advisors LLC acquired a new stake in Bitfarms during the 3rd quarter valued at $37,000. Money Concepts Capital Corp bought a new position in Bitfarms during the fourth quarter worth $30,000. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms in the fourth quarter valued at $30,000. Finally, National Bank of Canada FI raised its position in shares of Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares during the period. Institutional investors and hedge funds 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.