Bitfarms (NASDAQ:BITF) Reaches New 52-Week Low – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock 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.

Analyst Upgrades and Downgrades

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

Bitfarms Price Performance

The company has a 50-day moving average of $1.36 and a 200 day moving average of $1.77. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm has a market cap of $517.68 million, a P/E ratio of -3.00 and a beta of 3.68.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. HighTower Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter worth about $25,000. Money Concepts Capital Corp bought a new stake in Bitfarms during the fourth quarter worth about $30,000. Guided Capital Wealth Management LLC bought a new stake in Bitfarms during the fourth quarter worth about $30,000. National Bank of Canada FI increased its holdings in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after buying an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP acquired a new position in shares of Bitfarms in the 4th quarter worth approximately $36,000. 20.59% of the stock is 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.