Bitfarms (NASDAQ:BITF) Sets New 52-Week Low – What’s Next?

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

Wall Street Analyst Weigh In

Several research analysts recently commented on BITF shares. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. 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 MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

The stock’s 50-day moving average price is $1.77 and its 200 day moving average price is $2.02. The firm has a market capitalization of $640.90 million, a price-to-earnings ratio of -3.93 and a beta of 3.65. 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 Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Chesapeake Capital Corp IL boosted its stake in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC boosted its stake in shares of Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares during the period. HighTower Advisors LLC purchased a new position in shares of Bitfarms in the third quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares during the period. Finally, Lifeworks Advisors LLC purchased a new position in Bitfarms in the third quarter worth approximately $37,000. 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.