Bitfarms Ltd. (NASDAQ:BITF) Receives Average Rating of "Moderate Buy" from Analysts

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has earned an average rating of "Moderate Buy" from the seven brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $4.05.

Several equities analysts have recently weighed in on the stock. 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 target on the stock. 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 started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an "outperform" rating for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright reissued a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th.

Bitfarms Trading Up 2.4 %

Shares of BITF stock opened at $1.68 on Wednesday. Bitfarms has a fifty-two week low of $1.47 and a fifty-two week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock's fifty day moving average is $1.91 and its two-hundred day moving average is $2.11. The firm has a market capitalization of $760.92 million, a P/E ratio of -4.67 and a beta of 3.67.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC purchased a new position in shares of Bitfarms during the 3rd quarter worth $25,000. Lifeworks Advisors LLC purchased a new position in Bitfarms during the third quarter worth about $37,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the second quarter valued at about $38,000. Chesapeake Capital Corp IL raised its stake in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after acquiring an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $63,000. Institutional investors and hedge funds 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.