Bitfarms Ltd. (NASDAQ:BITF) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $4.05.

A number of research firms have recently weighed in on BITF. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in Bitfarms during the third quarter valued at about $25,000. Lifeworks Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the 2nd quarter worth about $38,000. Chesapeake Capital Corp IL increased its position in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new stake in Bitfarms during the 3rd quarter worth approximately $63,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Trading Up 6.3 %

Shares of BITF stock opened at $1.69 on Friday. The company has a market capitalization of $765.46 million, a price-to-earnings ratio of -4.69 and a beta of 3.59. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $2.05 and a 200 day moving average price of $2.24. Bitfarms has a twelve month low of $1.52 and a twelve month high of $3.91.

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.