Bitfarms (NASDAQ:BITF) Trading 5.7% Higher – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) shares rose 5.7% during mid-day trading on Monday . The company traded as high as $2.05 and last traded at $2.04. Approximately 6,079,027 shares were traded during trading, a decline of 76% from the average daily volume of 25,709,445 shares. The stock had previously closed at $1.93.

Analysts Set New Price Targets

BITF has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Alliance Global Partners initiated coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

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’s fifty day simple moving average is $2.07 and its 200 day simple moving average is $2.27. The firm has a market capitalization of $937.58 million, a price-to-earnings ratio of -5.75 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP bought a new position in shares of Bitfarms in the 2nd quarter worth $4,016,000. Van ECK Associates Corp raised its holdings in Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after buying an additional 1,404,895 shares during the last quarter. Weiss Asset Management LP grew its holdings in shares of Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in shares of Bitfarms during the second quarter worth about $816,000. Finally, Cetera Investment Advisers raised its holdings in shares of Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares during the last quarter. 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.