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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price hit a new 52-week low on Tuesday . The stock 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 Analysts Forecast Growth

A number of research firms recently commented on BITF. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus 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 cap 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.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the third quarter valued at approximately $25,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the fourth quarter worth approximately $30,000. Guided Capital Wealth Management LLC acquired a new position in Bitfarms during the fourth quarter worth approximately $30,000. National Bank of Canada FI grew its stake in Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after buying an additional 19,877 shares during the period. Finally, Chesapeake Capital Corp IL grew its stake 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 buying an additional 4,800 shares during the period. Institutional investors and hedge funds 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.