Bitfarms Ltd. (NASDAQ:BITF) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seven research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $4.05.

BITF has been the topic of several analyst reports. Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. HC Wainwright reiterated a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald restated an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. 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 target price for the company. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock.

Bitfarms Stock Performance

Shares of NASDAQ BITF traded up $0.10 during midday trading on Wednesday, reaching $1.67. 45,106,378 shares of the company were exchanged, compared to its average volume of 42,800,750. The stock has a market cap of $756.40 million, a P/E ratio of -4.64 and a beta of 3.67. Bitfarms has a 1 year low of $1.47 and a 1 year high of $3.91. The stock has a fifty day simple moving average of $1.95 and a 200 day simple moving average of $2.12. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. HighTower Advisors LLC acquired a new position in Bitfarms during the third quarter worth about $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd purchased a new position in Bitfarms in the 2nd quarter valued at approximately $38,000. Chesapeake Capital Corp IL increased its stake in 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 purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new position in Bitfarms during the third quarter worth $63,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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.