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

Shares of Bitfarms Ltd. (NASDAQ:BITF) hit a new 52-week low on Monday . The stock traded as low as $1.50 and last traded at $1.53, with a volume of 7808688 shares traded. The stock had previously closed at $1.63.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of recent analyst reports. Alliance Global Partners assumed coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Stifel Canada raised 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 five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Performance

The stock has a fifty day moving average of $2.04 and a 200-day moving average of $2.23. 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 market capitalization of $693.53 million, a PE ratio of -4.25 and a beta of 3.59.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Chesapeake Capital Corp IL lifted its stake in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its position in shares of 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 purchasing an additional 5,000 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth $25,000. WINTON GROUP Ltd purchased a new position in Bitfarms in the second quarter valued at $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after buying an additional 15,167 shares during 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.