Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.28, but opened at $2.41. Bitfarms shares last traded at $2.44, with a volume of 2,773,222 shares.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on BITF shares. Cantor Fitzgerald upped their price objective on Bitfarms from $2.00 to $3.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. HC Wainwright increased their price objective on Bitfarms from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Wednesday, November 29th. Finally, B. Riley reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, December 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $4.00.
Bitfarms Price Performance
Institutional Investors Weigh In On Bitfarms
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its position in Bitfarms by 7.8% during the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock worth $238,000 after purchasing an additional 5,900 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in Bitfarms by 39.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock worth $70,000 after purchasing an additional 6,837 shares during the period. Headlands Technologies LLC grew its position in Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock worth $55,000 after purchasing an additional 7,429 shares during the period. Royal Bank of Canada grew its position in Bitfarms by 40.6% during the 1st quarter. Royal Bank of Canada now owns 26,293 shares of the company’s stock worth $98,000 after purchasing an additional 7,596 shares during the period. Finally, National Bank of Canada FI grew its position in Bitfarms by 42.6% during the 2nd quarter. National Bank of Canada FI now owns 32,630 shares of the company’s stock worth $48,000 after purchasing an additional 9,750 shares during the period. 15.31% of the stock is owned by institutional investors and hedge funds.
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.
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