Bitfarms (NASDAQ:BITF) Trading Up 8.1% – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF) shares were up 8.1% during trading on Thursday . The company traded as high as $1.63 and last traded at $1.61. Approximately 13,523,973 shares were traded during trading, a decline of 49% from the average daily volume of 26,658,232 shares. The stock had previously closed at $1.49.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. 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 on the stock. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Performance

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $2.00 and a 200 day moving average price of $2.19. The stock has a market cap of $779.05 million, a PE ratio of -4.78 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. 272 Capital LP bought a new stake in shares of Bitfarms in the third quarter worth about $222,000. Barclays PLC bought a new stake in shares of Bitfarms in the 3rd quarter worth approximately $161,000. Geode Capital Management LLC increased its stake in shares of Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Bitfarms during the third quarter valued at approximately $201,000. Finally, XTX Topco Ltd bought a new position in shares of Bitfarms during the third quarter valued at approximately $254,000. 20.59% of the stock is currently owned by 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.