Bitfarms Ltd. (NASDAQ:BITF) Receives Average Recommendation of “Moderate Buy” from Analysts

Bitfarms Ltd. (NASDAQ:BITF) has been assigned a consensus rating of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $4.05.

Several equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company.

Bitfarms Stock Up 0.6 %

Shares of NASDAQ BITF opened at $1.57 on Wednesday. The business has a 50-day moving average of $1.95 and a two-hundred day moving average of $2.12. The company has a market capitalization of $711.11 million, a price-to-earnings ratio of -4.36 and a beta of 3.67. Bitfarms has a 1 year low of $1.47 and a 1 year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Trading of Bitfarms

A number of hedge funds have recently added to or reduced their stakes in BITF. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the second quarter worth approximately $38,000. Marshall Wace LLP purchased a new position in Bitfarms during the 2nd quarter worth $4,016,000. K2 Principal Fund L.P. acquired a new stake in shares of Bitfarms in the 2nd quarter worth $816,000. Mackenzie Financial Corp boosted its holdings in shares of Bitfarms by 67.3% in the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after acquiring an additional 61,624 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

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.