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

Bitfarms Ltd. (NASDAQ:BITF) reached a new 52-week low during mid-day 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.

Wall Street Analysts Forecast Growth

BITF has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Performance

The company’s fifty day simple moving average is $1.81 and its 200 day simple moving average is $2.05. 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 stock has a market capitalization of $652.22 million, a P/E ratio of -4.00 and a beta of 3.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. HighTower Advisors LLC purchased a new position in shares of Bitfarms during the 3rd quarter valued at about $25,000. Money Concepts Capital Corp bought a new position in Bitfarms during the 4th quarter worth approximately $30,000. Guided Capital Wealth Management LLC purchased a new position in Bitfarms in the 4th quarter worth approximately $30,000. Lifeworks Advisors LLC bought a new stake in Bitfarms in the third quarter valued at approximately $37,000. Finally, Chesapeake Capital Corp IL boosted its stake in shares of Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.