Bitfarms (NASDAQ:BITF) Hits New 12-Month Low – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) reached a new 52-week low on Thursday . The company traded as low as $1.09 and last traded at $1.10, with a volume of 22131951 shares changing hands. The stock had previously closed at $1.13.

Analyst Ratings Changes

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

Bitfarms Stock Down 3.5 %

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock has a 50-day simple moving average of $1.52 and a two-hundred day simple moving average of $1.89. The firm has a market cap of $522.47 million, a PE ratio of -3.03 and a beta of 3.64.

Institutional Trading of Bitfarms

Hedge funds have recently added to or reduced their stakes in the business. MMCAP International Inc. SPC increased its stake in shares of Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after buying an additional 11,492,650 shares during the period. Van ECK Associates Corp boosted its position in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after buying an additional 2,828,703 shares during the last quarter. Paloma Partners Management Co increased its position in Bitfarms by 620.8% during the 4th quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company’s stock valued at $2,685,000 after buying an additional 1,551,900 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Bitfarms by 121.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock worth $3,728,000 after acquiring an additional 1,370,102 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

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.