Bitfarms (NASDAQ:BITF) Shares Up 6% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) shares traded up 6% during mid-day trading on Wednesday . The stock traded as high as $2.17 and last traded at $2.11. 10,292,224 shares changed hands during trading, a decline of 58% from the average session volume of 24,726,695 shares. The stock had previously closed at $1.99.

Analyst Upgrades and Downgrades

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

Bitfarms Trading Up 6.5 %

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 50-day simple moving average of $2.06 and a 200 day simple moving average of $2.26. The firm has a market cap of $960.21 million, a PE ratio of -5.83 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers acquired a new position in shares of Bitfarms during the 1st quarter worth approximately $1,558,000. Cetera Advisors LLC raised its stake in shares of Bitfarms by 40.8% during the 1st quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock worth $1,523,000 after buying an additional 198,470 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bitfarms by 521.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock worth $176,000 after buying an additional 57,383 shares during the period. Van ECK Associates Corp raised its stake in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after buying an additional 1,404,895 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of 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. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.