Bitfarms (NASDAQ:BITF) Now Covered by Alliance Global Partners

Alliance Global Partners initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research note issued to investors on Wednesday, Marketbeat reports. The firm issued a buy rating and a $6.00 target price on the stock.

BITF has been the subject of several other research reports. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and issued 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 five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Price Performance

NASDAQ:BITF opened at $2.14 on Wednesday. The firm has a market cap of $969.27 million, a price-to-earnings ratio of -5.83 and a beta of 3.59. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average is $2.06 and its two-hundred day moving average is $2.26. Bitfarms has a 12-month low of $1.52 and a 12-month high of $3.91.

Institutional Trading of Bitfarms

A number of institutional investors have recently modified their holdings of the company. Chesapeake Capital Corp IL boosted its holdings in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares during the last quarter. HighTower Advisors LLC bought a new position in Bitfarms in the 3rd quarter worth about $25,000. WINTON GROUP Ltd bought a new position in Bitfarms in the 2nd quarter worth about $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.