Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares shot up 8.4% during mid-day trading on Wednesday . The stock traded as high as $1.08 and last traded at $1.10. 12,844,589 shares were traded during trading, a decline of 56% from the average session volume of 28,988,753 shares. The stock had previously closed at $1.01.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on BITF shares. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. Alliance Global Partners assumed coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.05.
Get Our Latest Report on BITF
Bitfarms Stock Performance
The company has a 50 day moving average price of $1.34 and a 200-day moving average price of $1.75. 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.
Hedge Funds Weigh In On Bitfarms
Several large investors have recently bought and sold shares of the stock. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter valued at approximately $25,000. Money Concepts Capital Corp bought a new position in Bitfarms during the 4th quarter valued at $30,000. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms during the 4th quarter valued at $30,000. National Bank of Canada FI raised its stake in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after buying an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP acquired a new stake in shares of Bitfarms in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 20.59% of the company's stock.
About Bitfarms
(
Get Free Report)
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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