Bitfarms (NASDAQ:BITF) Sets New 52-Week Low - Here's Why

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) hit a new 52-week low on Monday . The stock 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.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BITF shares. HC Wainwright restated a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Bitfarms currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.05.

Bitfarms Price Performance

The company's 50-day simple moving average is $1.70 and its 200-day simple moving average is $1.99. 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 stock has a market capitalization of $643.16 million, a price-to-earnings ratio of -3.94 and a beta of 3.64.

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Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently bought and sold shares of BITF. Lifeworks Advisors LLC raised its position in shares of Bitfarms by 42.4% in the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after buying an additional 7,339 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bitfarms by 121.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock valued at $3,728,000 after buying an additional 1,370,102 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Bitfarms in the fourth quarter valued at approximately $130,000. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Bitfarms in the fourth quarter valued at approximately $134,000. Finally, SRN Advisors LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at approximately $1,192,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.