Bitfarms Ltd. (NASDAQ:BITF) Given Average Rating of "Moderate Buy" by Brokerages

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has earned an average rating of "Moderate Buy" from the seven analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $4.05.

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

Institutional Trading of Bitfarms

A number of institutional investors have recently added to or reduced their stakes in BITF. Van ECK Associates Corp raised its stake in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock valued at $11,969,000 after acquiring an additional 911,952 shares in the last quarter. State Street Corp raised its position in shares of Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after purchasing an additional 63,916 shares during the period. Geode Capital Management LLC raised its position in shares of Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company's stock valued at $3,965,000 after purchasing an additional 81,760 shares during the period. Weiss Asset Management LP boosted its holdings in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock worth $3,340,000 after buying an additional 1,004,400 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Bitfarms during the 2nd quarter worth $4,016,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Price Performance

Shares of NASDAQ BITF traded up $0.04 during mid-day trading on Wednesday, reaching $1.68. The company had a trading volume of 49,276,999 shares, compared to its average volume of 38,746,956. The company has a 50-day moving average price of $1.91 and a two-hundred day moving average price of $2.11. The stock has a market cap of $760.92 million, a PE ratio of -4.67 and a beta of 3.67. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 1-year low of $1.47 and a 1-year high of $3.91.

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.