Brokerages Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $4.05

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have received a consensus rating of "Moderate Buy" from the seven ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $4.05.

BITF has been the topic of several research analyst reports. Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They set a "buy" rating and a $6.00 target price on the stock. Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods began coverage on Bitfarms in a research report on Wednesday, January 8th. They set an "outperform" rating on the stock. Finally, HC Wainwright reiterated a "buy" rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th.

Bitfarms Trading Up 3.8 %

Shares of Bitfarms stock traded up $0.05 on Friday, hitting $1.36. 51,896,678 shares of the company's stock traded hands, compared to its average volume of 43,743,535. Bitfarms has a one year low of $1.28 and a one year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a fifty day moving average of $1.68 and a two-hundred day moving average of $1.96. The company has a market capitalization of $615.98 million, a price-to-earnings ratio of -3.78 and a beta of 3.64.

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently made changes to their positions in the stock. MMCAP International Inc. SPC boosted its holdings in shares of Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock worth $19,896,000 after acquiring an additional 11,492,650 shares during the period. Van ECK Associates Corp boosted its stake in 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 buying an additional 6,477,985 shares during the period. State Street Corp boosted its stake in Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after buying an additional 63,916 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock valued at $3,728,000 after buying an additional 1,370,102 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Bitfarms by 19.9% during the fourth quarter. Geode Capital Management LLC now owns 2,253,046 shares of the company's stock valued at $3,339,000 after buying an additional 373,592 shares during the period. 20.59% of the stock is owned by institutional investors.

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.