Keefe, Bruyette & Woods started coverage on shares of Bitfarms (NASDAQ:BITF - Free Report) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued an outperform rating on the stock.
A number of other brokerages also recently issued reports on BITF. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $4.05.
Check Out Our Latest Stock Analysis on BITF
Bitfarms Stock Down 4.1 %
NASDAQ:BITF traded down $0.07 on Wednesday, hitting $1.62. The stock had a trading volume of 41,847,030 shares, compared to its average volume of 46,444,246. Bitfarms has a 1 year low of $1.48 and a 1 year high of $3.91. The firm's fifty day simple moving average is $1.98 and its two-hundred day simple moving average is $2.16. 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 has a market cap of $733.75 million, a P/E ratio of -4.50 and a beta of 3.67.
Institutional Investors Weigh In On Bitfarms
Hedge funds and other institutional investors have recently modified their holdings of the stock. 272 Capital LP purchased a new position in Bitfarms during the third quarter valued at approximately $222,000. Barclays PLC purchased a new position in shares of Bitfarms during the 3rd quarter valued at $161,000. Geode Capital Management LLC increased its holdings in shares of Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company's stock worth $3,965,000 after purchasing an additional 81,760 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Bitfarms in the third quarter worth $201,000. Finally, XTX Topco Ltd purchased a new stake in shares of Bitfarms in the third quarter worth $254,000. 20.59% of the stock is currently owned by institutional investors.
About Bitfarms
(
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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.
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