Bitfarms (NASDAQ:BITF) Trading 9.5% Higher – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was up 9.5% during trading on Wednesday . The stock traded as high as $2.18 and last traded at $2.18. Approximately 6,272,612 shares were traded during trading, a decline of 83% from the average daily volume of 37,222,695 shares. The stock had previously closed at $1.99.

Analyst Ratings Changes

BITF has been the topic of a number of recent research reports. Cantor Fitzgerald raised their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms has an average rating of “Moderate Buy” and an average target price of $4.04.

Bitfarms Price Performance

The company’s fifty day moving average price is $2.45 and its two-hundred day moving average price is $2.78. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -9.78 and a beta of 3.81.

Institutional Trading of Bitfarms

Institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its position in Bitfarms by 8.6% in the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after buying an additional 1,138,549 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after acquiring an additional 4,677,425 shares in the last quarter. CastleKnight Management LP raised its holdings in shares of Bitfarms by 20.4% in the fourth quarter. CastleKnight Management LP now owns 8,293,169 shares of the company’s stock valued at $19,489,000 after purchasing an additional 1,407,769 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Bitfarms by 36.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock worth $19,941,000 after purchasing an additional 1,898,490 shares in the last quarter. Finally, Thames Capital Management LLC acquired a new position in Bitfarms during the third quarter worth $19,834,000. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.