Bitfarms (NASDAQ:BITF) Stock Price Up 6.1% – Still a Buy?

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BITF. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Up 9.1 %

The stock has a market capitalization of $973.81 million, a price-to-earnings ratio of -5.97 and a beta of 3.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The business has a fifty day moving average of $2.06 and a 200 day moving average of $2.25.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of the business. HighTower Advisors LLC purchased a new position in Bitfarms during the third quarter worth about $25,000. Lifeworks Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter worth approximately $38,000. Chesapeake Capital Corp IL increased its holdings in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC purchased a new stake in Bitfarms in the third quarter valued at approximately $63,000. 20.59% of the stock is 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.