Bitfarms Ltd. (NASDAQ:BITF – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $1.50 and last traded at $1.53, with a volume of 7808688 shares trading hands. The stock had previously closed at $1.63.
Wall Street Analyst Weigh In
Several brokerages recently commented on BITF. Alliance Global Partners initiated coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4.05.
Read Our Latest Research Report on BITF
Bitfarms Stock Down 6.1 %
Hedge Funds Weigh In On Bitfarms
A number of institutional investors have recently bought and sold shares of the company. 272 Capital LP purchased a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $222,000. Barclays PLC acquired a new position in Bitfarms in the third quarter valued at approximately $161,000. Geode Capital Management LLC grew its position in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Bitfarms during the third quarter worth $201,000. Finally, XTX Topco Ltd acquired a new stake in Bitfarms during the third quarter worth $254,000. 20.59% of the stock is owned by hedge funds and other 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.
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