Bitfarms (NASDAQ:BITF) Trading 4.3% Higher – Still a Buy?

Shares of Bitfarms Ltd. (NASDAQ:BITF) shot up 4.3% during trading on Friday . The company traded as high as $2.20 and last traded at $2.20. 30,197,166 shares changed hands during trading, an increase of 30% from the average session volume of 23,265,359 shares. The stock had previously closed at $2.11.

Wall Street Analysts Forecast Growth

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

Bitfarms Trading Up 5.7 %

The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The stock’s 50-day simple moving average is $2.03 and its 200-day simple moving average is $2.23.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently bought and sold shares of BITF. Swiss National Bank acquired a new position in shares of Bitfarms during the 1st quarter worth $1,426,000. Shell Asset Management Co. acquired a new stake in Bitfarms during the first quarter worth approximately $43,000. Vident Advisory LLC increased its holdings in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Bitfarms in the first quarter valued at approximately $1,640,000. Finally, Bayesian Capital Management LP grew its position in shares of Bitfarms by 116.3% during the 1st quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock worth $142,000 after buying an additional 34,200 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.