Bitfarms (NASDAQ:BITF) Sees Strong Trading Volume – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF) saw strong trading volume on Wednesday . 40,494,441 shares changed hands during mid-day 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.

Analyst Upgrades and Downgrades

BITF has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Down 1.0 %

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

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC bought a new position in Bitfarms in the third quarter worth approximately $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms in the 3rd quarter worth $37,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the 2nd quarter worth $38,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms during the first quarter valued at $43,000. Finally, Chesapeake Capital Corp IL raised its holdings 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 valued at $50,000 after acquiring an additional 4,800 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.