Bitfarms (NASDAQ:BITF) Reaches New 12-Month Low – Should You Sell?

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

Analyst Upgrades and Downgrades

BITF has been the subject of several recent research reports. Stifel Canada raised 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 shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Down 5.0 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a market capitalization of $500.90 million, a price-to-earnings ratio of -2.90 and a beta of 3.68. The business’s 50 day simple moving average is $1.39 and its 200 day simple moving average is $1.78.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Chesapeake Capital Corp IL boosted its holdings 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 acquiring an additional 4,800 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitfarms by 9.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock valued at $2,388,000 after acquiring an additional 99,919 shares in the last quarter. Nwam LLC purchased a new stake in shares of Bitfarms in the third quarter valued at about $156,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 acquiring an additional 15,167 shares in the last quarter. Finally, PEAK6 Investments LLC purchased a new stake in shares of Bitfarms in the third quarter valued at about $211,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.