Bitfarms (NASDAQ:BITF) Trading Up 6.7% – What’s Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF) were up 6.7% during mid-day trading on Friday . The company traded as high as $1.21 and last traded at $1.20. Approximately 29,215,461 shares traded hands during trading, an increase of 1% from the average daily volume of 28,826,378 shares. The stock had previously closed at $1.12.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BITF. Alliance Global Partners began coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Price Performance

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 company’s 50 day moving average price is $1.44 and its 200 day moving average price is $1.83. The company has a market cap of $594.37 million, a price-to-earnings ratio of -3.44 and a beta of 3.68.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new stake in shares of Bitfarms in the 3rd quarter valued at $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the 3rd quarter worth about $37,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the 4th quarter worth about $30,000. Guided Capital Wealth Management LLC acquired a new position in Bitfarms during the 4th quarter worth about $30,000. Finally, National Bank of Canada FI lifted its position in Bitfarms by 2,629.2% during 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. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.