Bitfarms (NASDAQ:BITF) Trading Up 6.7% – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners assumed coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company 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 current ratio of 3.70 and a quick ratio of 3.68. The stock’s 50 day moving average price is $1.44 and its two-hundred day moving average price is $1.83. The firm has a market capitalization of $594.37 million, a price-to-earnings ratio of -3.44 and a beta of 3.68.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Chesapeake Capital Corp IL increased its stake in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the period. Lifeworks Advisors LLC increased its position in Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock worth $37,000 after buying an additional 7,339 shares during the period. Cresset Asset Management LLC increased its position in Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock worth $41,000 after buying an additional 9,795 shares during the period. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth approximately $25,000. Finally, Mackenzie Financial Corp boosted its position 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 acquiring an additional 14,865 shares during the period. 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.