Bitfarms (NASDAQ:BITF) Sees Unusually-High Trading Volume – Here’s Why

Shares of Bitfarms Ltd. (NASDAQ:BITF) saw an uptick in trading volume on Wednesday . 40,494,441 shares changed hands during trading, an increase of 71% from the previous session’s volume of 23,654,133 shares.The stock last traded at $2.15 and had previously closed at $2.23.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BITF. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Down 1.0 %

The firm has a market cap of $919.45 million, a P/E ratio of -5.69 and a beta of 3.64. The company’s 50-day simple moving average is $2.06 and its 200 day simple moving average is $2.24. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its stake 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 last quarter. Shell Asset Management Co. bought a new stake in Bitfarms in the first quarter worth $43,000. K2 Principal Fund L.P. purchased a new position in Bitfarms during the second quarter worth $816,000. Marshall Wace LLP purchased a new position in Bitfarms during the second quarter worth $4,016,000. Finally, Van ECK Associates Corp increased its position in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after acquiring an additional 911,952 shares during the last quarter. Hedge funds and other 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.