Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares were up 8.1% during mid-day trading on Thursday . The company traded as high as $1.63 and last traded at $1.61. Approximately 13,523,973 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 26,658,232 shares. The stock had previously closed at $1.49.
Wall Street Analyst Weigh In
A number of brokerages have commented on BITF. 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 assumed coverage on Bitfarms in a report on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, HC Wainwright reiterated a "buy" rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Bitfarms currently has an average rating of "Moderate Buy" and an average price target of $4.05.
Get Our Latest Research Report on BITF
Bitfarms Stock Performance
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 firm has a market capitalization of $729.23 million, a PE ratio of -4.47 and a beta of 3.59. The firm has a 50-day moving average price of $2.01 and a 200 day moving average price of $2.20.
Institutional Investors Weigh In On Bitfarms
A number of hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at $25,000. Lifeworks Advisors LLC acquired a new stake in Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms in the 2nd quarter valued at about $38,000. Chesapeake Capital Corp IL boosted its stake in shares of 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 buying an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC acquired a new position in shares of Bitfarms during the third quarter worth about $63,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.
About Bitfarms
(
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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.
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