Bitfarms (NASDAQ:BITF) Rating Increased to Moderate Buy at Stifel Canada

Bitfarms (NASDAQ:BITF - Get Free Report) was upgraded by equities research analysts at Stifel Canada from a "hold" rating to a "moderate buy" rating in a research note issued to investors on Friday,Zacks.com reports.

Several other brokerages have also recently commented on BITF. HC Wainwright reaffirmed a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3.66.

Bitfarms Stock Performance

Shares of NASDAQ BITF traded down $0.08 during trading on Friday, reaching $1.97. 47,996,660 shares of the stock traded hands, compared to its average volume of 24,419,836. The company has a 50-day moving average of $2.06 and a 200-day moving average of $2.25. Bitfarms has a 52-week low of $1.03 and a 52-week 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 stock has a market capitalization of $892.27 million, a P/E ratio of -5.47 and a beta of 3.64.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock valued at $11,969,000 after acquiring an additional 911,952 shares during the period. State Street Corp lifted its holdings in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company's stock worth $10,376,000 after buying an additional 63,916 shares during the period. Geode Capital Management LLC increased its stake in shares of Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company's stock valued at $3,965,000 after buying an additional 81,760 shares during the period. Weiss Asset Management LP boosted its holdings in Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after acquiring an additional 1,004,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Bitfarms in the second quarter worth about $4,016,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Bitfarms Company Profile

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.