Bitfarms Ltd. (NASDAQ:BITF – Get Free Report)’s share price gapped up before the market opened on Friday . The stock had previously closed at $1.64, but opened at $1.72. Bitfarms shares last traded at $1.76, with a volume of 8,181,963 shares traded.
Wall Street Analyst Weigh In
Several research analysts have issued reports on BITF shares. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and an average price target of $4.05.
Read Our Latest Stock Analysis on BITF
Bitfarms Stock Up 2.4 %
Institutional Trading of Bitfarms
Several hedge funds have recently modified their holdings of the stock. 272 Capital LP acquired a new stake in Bitfarms in the 3rd quarter valued at $222,000. Barclays PLC purchased a new position in Bitfarms during the 3rd quarter worth $161,000. Geode Capital Management LLC boosted its holdings in Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Bitfarms during the 3rd quarter worth $201,000. Finally, XTX Topco Ltd purchased a new position in Bitfarms during the 3rd quarter worth $254,000. Institutional investors 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.
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