Bitfarms (NASDAQ:BITF) Shares Up 4.3% – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price was up 4.3% during trading on Friday . The company traded as high as $2.20 and last traded at $2.20. Approximately 30,197,166 shares were traded during mid-day trading, an increase of 30% from the average daily volume of 23,265,359 shares. The stock had previously closed at $2.11.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BITF. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Up 6.6 %

The business’s 50 day simple moving average is $2.04 and its 200-day simple moving average is $2.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -6.25 and a beta of 3.64.

Institutional Trading of Bitfarms

A number of institutional investors have recently bought and sold shares of the company. Chesapeake Capital Corp IL raised its stake in shares of Bitfarms by 27.9% during the 3rd 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 in the last quarter. Gladstone Institutional Advisory LLC raised its position in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after acquiring an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new position in Bitfarms during the third quarter valued at approximately $25,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the second quarter valued at approximately $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after acquiring an additional 15,167 shares in the last quarter. 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.