Bitfarms (NASDAQ:BITF) Sets New 1-Year Low - Here's Why

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.04 and last traded at $1.06, with a volume of 3865877 shares traded. The stock had previously closed at $1.10.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BITF shares. Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a "buy" rating and a $6.00 price target for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4.05.

Bitfarms Trading Down 2.9 %

The firm has a market capitalization of $484.13 million, a P/E ratio of -2.81 and a beta of 3.68. The business's 50 day moving average is $1.34 and its two-hundred day moving average is $1.75. 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 Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the 3rd quarter valued at $25,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the fourth quarter worth about $30,000. Guided Capital Wealth Management LLC bought a new stake in Bitfarms in the fourth quarter worth about $30,000. National Bank of Canada FI lifted its holdings in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after acquiring an additional 19,877 shares during the last quarter. Finally, Olympiad Research LP bought a new position in shares of Bitfarms during the 4th quarter valued at about $36,000. Institutional investors own 20.59% of the company's stock.

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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.