Bitfarms (NASDAQ:BITF) Reaches New 52-Week Low – Should You Sell?

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

Analysts Set New Price Targets

BITF has been the topic of a number of analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Alliance Global Partners began 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, HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Trading Down 2.4 %

The firm has a market capitalization of $640.90 million, a PE ratio of -3.93 and a beta of 3.65. The stock’s fifty day simple moving average is $1.77 and its 200 day simple moving average is $2.02. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Mackenzie Financial Corp increased its holdings in Bitfarms by 67.3% in the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after acquiring an additional 61,624 shares during the last quarter. Cetera Investment Advisers boosted its stake 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. HBW Advisory Services LLC purchased a new stake in Bitfarms in the 3rd quarter valued at about $63,000. Gladstone Institutional Advisory LLC boosted 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 period. Finally, Van ECK Associates Corp boosted its position in Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after buying an additional 911,952 shares during the period. 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.