Bitfarms (NASDAQ:BITF) Stock Price Up 8.4% – Here’s What Happened

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

Analyst Upgrades and Downgrades

BITF has been the subject of a number of research analyst reports. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price for the company. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Down 2.9 %

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 market cap of $484.13 million, a P/E ratio of -2.81 and a beta of 3.68. The company has a fifty day moving average of $1.35 and a 200 day moving average of $1.76.

Institutional Trading of Bitfarms

Several large investors have recently modified their holdings of BITF. Mackenzie Financial Corp grew its holdings in Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock valued at $238,000 after purchasing an additional 14,865 shares during the period. Vident Advisory LLC grew its holdings in Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the period. Nuveen Asset Management LLC grew its holdings in Bitfarms by 14.5% during the fourth quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company’s stock valued at $426,000 after purchasing an additional 36,449 shares during the period. Millennium Management LLC grew its holdings in Bitfarms by 81.1% during the fourth quarter. Millennium Management LLC now owns 536,044 shares of the company’s stock valued at $799,000 after purchasing an additional 239,997 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Bitfarms by 23.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,270,442 shares of the company’s stock valued at $6,327,000 after purchasing an additional 819,107 shares during the period. 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.