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

Bitfarms Ltd. (NASDAQ:BITFGet Free Report)’s stock price reached a new 52-week low during mid-day trading 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.

Wall Street Analysts Forecast Growth

BITF has been the subject of several research reports. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Finally, HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Get Our Latest Report on BITF

Bitfarms Stock Performance

The stock’s 50 day moving average price is $1.96 and its 200 day moving average price is $2.13. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company has a market cap of $692.99 million, a price-to-earnings ratio of -4.25 and a beta of 3.67.

Institutional Trading of Bitfarms

Institutional investors have recently modified their holdings of the company. Cetera Investment Advisers grew its holdings in shares of Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares during the period. Geode Capital Management LLC boosted its stake in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the last quarter. K2 Principal Fund L.P. purchased a new position in shares of Bitfarms during the 2nd quarter valued at approximately $816,000. State Street Corp boosted its stake in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after buying an additional 63,916 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Bitfarms during the 2nd quarter valued at approximately $4,016,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

(Get Free Report)

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.

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