Bitfarms Ltd. (NASDAQ:BITF) Receives $4.05 Consensus Price Target from Analysts

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $4.05.

Several equities research analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. Finally, Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its position in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock worth $2,579,000 after buying an additional 299,273 shares in the last quarter. Geode Capital Management LLC lifted its position 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 buying an additional 81,760 shares in the last quarter. Barclays PLC acquired a new position in Bitfarms during the 3rd quarter valued at about $161,000. State Street Corp lifted its position in Bitfarms by 1.3% during the 3rd 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. Finally, Baader Bank Aktiengesellschaft lifted its position in Bitfarms by 245.8% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company's stock valued at $1,043,000 after purchasing an additional 497,789 shares during the period. Institutional investors and hedge funds own 20.59% of the company's stock.

Bitfarms Stock Performance

Bitfarms stock traded up $0.02 on Friday, hitting $1.42. The company's stock had a trading volume of 23,513,150 shares, compared to its average volume of 41,621,164. The firm has a market cap of $643.16 million, a P/E ratio of -3.94 and a beta of 3.64. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $1.63 and a 200-day moving average price of $1.94. Bitfarms has a one year low of $1.28 and a one 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.