Bitfarms (NASDAQ:BITF) Shares Up 6.1% – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price shot up 6.1% during mid-day trading on Wednesday . The company traded as high as $2.11 and last traded at $2.09. 20,828,168 shares were traded during trading, a decline of 15% from the average session volume of 24,378,330 shares. The stock had previously closed at $1.97.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Up 9.1 %

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 cap of $973.81 million, a PE ratio of -5.97 and a beta of 3.64. The business’s 50 day moving average is $2.06 and its 200-day moving average is $2.25.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently modified their holdings of BITF. Marshall Wace LLP purchased a new position in Bitfarms in the second quarter valued at $4,016,000. Van ECK Associates Corp increased its holdings in shares of Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after acquiring an additional 1,404,895 shares during the last quarter. Weiss Asset Management LP raised its position in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after acquiring an additional 1,004,400 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Bitfarms during the first quarter worth approximately $1,558,000. Finally, K2 Principal Fund L.P. acquired a new position in Bitfarms in the second quarter valued at approximately $816,000. 20.59% of the stock is 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.