Bitfarms (NASDAQ:BITF) Trading 5.7% Higher – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) shot up 5.7% on Monday . The company traded as high as $2.05 and last traded at $2.04. 6,079,027 shares changed hands during trading, a decline of 76% from the average session volume of 25,709,445 shares. The stock had previously closed at $1.93.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Down 1.4 %

The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $937.58 million, a price-to-earnings ratio of -5.75 and a beta of 3.59. The firm’s 50-day moving average price is $2.07 and its 200 day moving average price is $2.27.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Bitfarms by 521.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after acquiring an additional 57,383 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the last quarter. TD Asset Management Inc boosted its position in Bitfarms by 70.0% during the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after buying an additional 141,424 shares during the period. Impact Partnership Wealth LLC grew its holdings in Bitfarms by 227.6% during the 2nd quarter. Impact Partnership Wealth LLC now owns 70,570 shares of the company’s stock worth $181,000 after acquiring an additional 49,029 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in Bitfarms in the 2nd quarter valued at approximately $38,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.