Bitfarms (NASDAQ:BITF) Trading 8.4% Higher – Still a Buy?

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BITF. Alliance Global Partners began coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company 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 stock has a 50 day simple moving average of $1.37 and a 200 day simple moving average of $1.77. The company has a market capitalization of $515.28 million, a price-to-earnings ratio of -3.01 and a beta of 3.68.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently bought and sold shares of BITF. HighTower Advisors LLC acquired a new position in Bitfarms in the third quarter valued at approximately $25,000. Money Concepts Capital Corp acquired a new position in shares of Bitfarms during the fourth quarter worth approximately $30,000. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms during the fourth quarter worth approximately $30,000. National Bank of Canada FI boosted its position in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after buying an additional 19,877 shares during the period. Finally, Olympiad Research LP acquired a new position in shares of Bitfarms during the fourth quarter worth approximately $36,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.