Bitfarms (NASDAQ:BITF) Stock Price Up 8.4% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s stock price rose 8.4% during mid-day trading on Wednesday . The stock traded as high as $1.08 and last traded at $1.10. Approximately 12,844,589 shares were traded during trading, a decline of 56% from the average daily volume of 28,988,753 shares. The stock had previously closed at $1.01.

Wall Street Analysts Forecast Growth

BITF has been the subject of several recent research reports. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s 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 Down 2.9 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a market capitalization of $484.13 million, a PE ratio of -2.81 and a beta of 3.68. The business has a 50-day moving average of $1.35 and a 200 day moving average of $1.76.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp raised its position in Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock valued at $238,000 after purchasing an additional 14,865 shares during the period. Vident Advisory LLC grew its stake in shares of Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after buying an additional 2,828,703 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Bitfarms by 14.5% during the fourth quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company’s stock valued at $426,000 after buying an additional 36,449 shares during the last quarter. Millennium Management LLC grew its stake in Bitfarms by 81.1% in the fourth quarter. Millennium Management LLC now owns 536,044 shares of the company’s stock worth $799,000 after purchasing an additional 239,997 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Bitfarms by 23.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,270,442 shares of the company’s stock worth $6,327,000 after purchasing an additional 819,107 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other 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.