Bitfarms (NASDAQ:BITF) Stock Price Up 9.5% – Time to Buy?

Shares of Bitfarms Ltd. (NASDAQ:BITF) traded up 9.5% during trading on Wednesday . The company traded as high as $2.18 and last traded at $2.18. 6,272,612 shares were traded during mid-day trading, a decline of 83% from the average session volume of 37,222,695 shares. The stock had previously closed at $1.99.

Wall Street Analyst Weigh In

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

Bitfarms Stock Up 13.1%

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -9.78 and a beta of 3.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The stock has a 50-day moving average of $2.45 and a 200-day moving average of $2.78.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its holdings in shares of Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after acquiring an additional 6,510 shares during the period. Equitable Holdings Inc. bought a new stake in Bitfarms during the fourth quarter worth $27,000. State of Wisconsin Investment Board acquired a new stake in shares of Bitfarms in the 4th quarter valued at $32,000. US Bancorp DE acquired a new stake in shares of Bitfarms in the 3rd quarter valued at $34,000. Finally, SummitTX Capital L.P. bought a new position in shares of Bitfarms in the 4th quarter valued at $34,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Company Profile

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.