Bitfarms (NASDAQ:BITF) Sets New 52-Week Low – Time to Sell?

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

Analysts Set New Price Targets

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

Bitfarms Trading Up 5.7 %

The stock has a market cap of $670.34 million, a PE ratio of -4.11 and a beta of 3.65. 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 firm has a fifty day simple moving average of $1.75 and a two-hundred day simple moving average of $2.00.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in shares of Bitfarms during the 3rd quarter valued at about $25,000. Lifeworks Advisors LLC bought a new stake in shares of Bitfarms during the third quarter valued at approximately $37,000. Money Concepts Capital Corp bought a new stake in Bitfarms in the fourth quarter worth $30,000. Guided Capital Wealth Management LLC bought a new stake in Bitfarms in the fourth quarter worth $30,000. Finally, Chesapeake Capital Corp IL increased its position in Bitfarms by 27.9% during 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 during the last quarter. 20.59% of the stock is currently owned by institutional investors.

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.