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

Bitfarms Ltd. (NASDAQ:BITF)’s share price traded up 8.4% on Wednesday . The company 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 Analyst Weigh In

A number of research analysts recently weighed in on the company. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, Keefe, Bruyette & Woods started coverage on Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Performance

The company has a market cap of $515.28 million, a price-to-earnings ratio of -3.01 and a beta of 3.68. 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.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp increased its position in shares of Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after acquiring an additional 6,477,985 shares during the last quarter. Geode Capital Management LLC increased its position 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 worth $3,965,000 after acquiring an additional 81,760 shares during the last quarter. Barclays PLC purchased a new stake in shares of Bitfarms during the third quarter worth about $161,000. State Street Corp increased its position 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 worth $10,376,000 after acquiring an additional 63,916 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft increased its position in shares of Bitfarms by 245.8% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock worth $1,043,000 after acquiring an additional 497,789 shares during the last quarter. 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.