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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price reached a new 52-week low on Monday . The stock traded as low as $1.47 and last traded at $1.51, with a volume of 5621265 shares traded. The stock had previously closed at $1.61.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BITF. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Alliance Global Partners initiated 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. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Price Performance

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock’s 50-day simple moving average is $1.96 and its two-hundred day simple moving average is $2.13. The company has a market capitalization of $692.99 million, a price-to-earnings ratio of -4.25 and a beta of 3.67.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds have recently modified their holdings of BITF. Chesapeake Capital Corp IL raised its holdings in Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC grew its position in Bitfarms by 3.2% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after buying an additional 5,000 shares during the last quarter. HighTower Advisors LLC purchased a new stake in shares of Bitfarms during the 3rd quarter worth $25,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the 2nd quarter worth $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares in the last quarter. 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.