Bitfarms (NASDAQ:BITF) Trading Up 6.1% – Here’s Why

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

Analyst Ratings Changes

BITF has been the subject of a number of recent research reports. 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. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Price Performance

The stock has a market cap of $969.27 million, a PE ratio of -5.94 and a beta of 3.64. 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 business has a fifty day simple moving average of $2.06 and a two-hundred day simple moving average of $2.25.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp lifted its holdings in shares of Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares during the last quarter. State Street Corp grew its holdings in shares of Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after buying an additional 63,916 shares during the last quarter. Geode Capital Management LLC raised its holdings in Bitfarms by 4.5% in the 3rd 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 last quarter. Weiss Asset Management LP increased its holdings in shares of Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Bitfarms during the second quarter valued at $4,016,000. 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.