Bitfarms (NASDAQ:BITF) Trading 6.1% Higher – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price traded 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 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

Several analysts have recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. 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. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Trading Up 8.6 %

The business has a 50-day moving average price of $2.06 and a 200-day moving average price of $2.25. The firm has a market capitalization of $969.27 million, a P/E ratio of -5.94 and a beta of 3.64. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BITF. Chesapeake Capital Corp IL increased its position in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC raised its position in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter valued at $25,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the 2nd quarter worth $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after buying an additional 15,167 shares during the last quarter. Institutional investors own 20.59% of the company’s stock.

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.