Bitfarms (NASDAQ:BITF) Stock Price Up 4.3% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s stock price shot up 4.3% during trading on Friday . The company traded as high as $2.20 and last traded at $2.20. 30,197,166 shares traded hands during trading, an increase of 30% from the average session volume of 23,265,359 shares. The stock had previously closed at $2.11.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BITF. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Price Performance

The stock has a fifty day simple moving average of $2.03 and a 200-day simple moving average of $2.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank bought a new stake in Bitfarms during the first quarter worth $1,426,000. 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 valued at $2,579,000 after purchasing an additional 299,273 shares during the period. Shell Asset Management Co. acquired a new stake in Bitfarms in the 1st quarter valued at about $43,000. K2 Principal Fund L.P. bought a new position in Bitfarms during the second quarter worth about $816,000. Finally, Marshall Wace LLP acquired a new position in Bitfarms during the second quarter worth approximately $4,016,000. 20.59% of the stock is owned by institutional investors.

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.