Bitfarms (NASDAQ:BITF) Shares Up 8.1% – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF) shares shot up 8.1% on Thursday . The company traded as high as $1.63 and last traded at $1.61. 13,523,973 shares were traded 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 Analyst Weigh In

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

Bitfarms Price Performance

The business has a 50 day moving average price of $2.01 and a two-hundred day moving average price of $2.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a market cap of $736.02 million, a PE ratio of -4.51 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter worth $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth about $37,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the 2nd quarter valued at approximately $38,000. Chesapeake Capital Corp IL grew its stake in 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 in the last quarter. Finally, HBW Advisory Services LLC bought a new stake in Bitfarms during the 3rd quarter valued at $63,000. 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.