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

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have received an average recommendation of "Moderate Buy" from the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $4.05.

Several research firms have issued reports on BITF. Keefe, Bruyette & Woods started coverage on Bitfarms in a report on Wednesday, January 8th. They set an "outperform" rating on the stock. Stifel Canada raised shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 22nd. Alliance Global Partners initiated 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. Finally, HC Wainwright reissued a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th.

Bitfarms Stock Up 1.3 %

Shares of Bitfarms stock traded up $0.02 during trading hours on Thursday, hitting $1.16. 29,899,875 shares of the company's stock traded hands, compared to its average volume of 28,900,409. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a twelve month low of $1.06 and a twelve month high of $3.28. The stock has a 50 day simple moving average of $1.43 and a 200-day simple moving average of $1.81. The company has a market cap of $553.63 million, a PE ratio of -3.21 and a beta of 3.68.

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Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. Invesco Ltd. grew its position in shares of Bitfarms by 9.3% during the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock valued at $19,900,000 after buying an additional 1,140,037 shares during the last quarter. MMCAP International Inc. SPC boosted its stake in Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after acquiring an additional 11,492,650 shares during the period. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after purchasing an additional 6,477,985 shares during the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 87.6% during the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after purchasing an additional 2,828,703 shares during the period. Finally, State Street Corp raised its position in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company's stock worth $10,376,000 after purchasing an additional 63,916 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

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.