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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The company traded as low as $1.45 and last traded at $1.44, with a volume of 27938339 shares traded. The stock had previously closed at $1.63.

Analysts Set New Price Targets

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

Bitfarms Stock Performance

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 fifty day simple moving average of $1.77 and a 200 day simple moving average of $2.03.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its holdings in Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company's stock worth $395,000 after acquiring an additional 61,624 shares during the period. Cetera Investment Advisers raised its holdings in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock valued at $2,579,000 after acquiring an additional 299,273 shares during the period. HBW Advisory Services LLC purchased a new position in Bitfarms during the 3rd quarter valued at about $63,000. Gladstone Institutional Advisory LLC increased its holdings in Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after acquiring an additional 5,000 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock worth $11,969,000 after buying an additional 911,952 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.