Bitfarms (NASDAQ:BITF) Shares Up 8.1% – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price shot up 8.1% during mid-day trading on Thursday . The company traded as high as $1.63 and last traded at $1.61. 13,523,973 shares traded hands during trading, a decline of 49% from the average session volume of 26,658,232 shares. The stock had previously closed at $1.49.

Wall Street Analysts Forecast Growth

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

Bitfarms Price Performance

The business has a fifty day moving average price of $2.00 and a 200 day moving average price of $2.19. The company has a market cap of $779.05 million, a price-to-earnings ratio of -4.78 and a beta of 3.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in BITF. HighTower Advisors LLC bought a new stake in shares of Bitfarms during the third quarter worth $25,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the 2nd quarter worth $38,000. Lifeworks Advisors LLC bought a new stake in Bitfarms during the 3rd quarter worth $37,000. 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 worth $50,000 after purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC bought a new position in Bitfarms in the third quarter valued at about $63,000. 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.