Bitfarms (NASDAQ:BITF) Trading 6.7% Higher – Still a Buy?

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

Analyst Ratings Changes

A number of brokerages have issued reports on BITF. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research 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. Based on data from MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Performance

The stock has a fifty day moving average of $1.45 and a 200-day moving average of $1.84. The firm has a market capitalization of $596.77 million, a P/E ratio of -3.46 and a beta of 3.68. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its stake in shares of Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock valued at $238,000 after buying an additional 14,865 shares in the last quarter. Vident Advisory LLC lifted its stake in Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after acquiring an additional 2,828,703 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Bitfarms by 14.5% in the 4th quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company’s stock valued at $426,000 after acquiring an additional 36,449 shares during the period. Millennium Management LLC increased its stake in shares of Bitfarms by 81.1% during the 4th quarter. Millennium Management LLC now owns 536,044 shares of the company’s stock worth $799,000 after purchasing an additional 239,997 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bitfarms by 23.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,270,442 shares of the company’s stock worth $6,327,000 after purchasing an additional 819,107 shares during the last quarter. Institutional investors 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.