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

Bitfarms Ltd. (NASDAQ:BITF) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.04 and last traded at $1.06, with a volume of 3865877 shares trading hands. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Keefe, Bruyette & Woods initiated 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 issued a buy rating to the company. According to MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Performance

The company’s 50-day simple moving average is $1.36 and its 200-day simple moving average is $1.77. The stock has a market cap of $517.68 million, a price-to-earnings ratio of -3.00 and a beta of 3.68. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Lifeworks Advisors LLC grew its stake in Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock valued at $37,000 after buying an additional 7,339 shares during the last quarter. Cresset Asset Management LLC grew its holdings in Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock valued at $41,000 after buying an additional 9,795 shares during the last quarter. HighTower Advisors LLC acquired a new stake in Bitfarms in the 3rd quarter valued at approximately $25,000. Mackenzie Financial Corp increased its position in Bitfarms by 10.0% in the 4th quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock worth $238,000 after buying an additional 14,865 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after buying an additional 15,167 shares during the last quarter. Hedge funds and other institutional investors 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.