Bitfarms (NASDAQ:BITF) Research Coverage Started at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms (NASDAQ:BITF) in a research note issued to investors on Wednesday morning, Marketbeat reports. The brokerage issued an outperform rating on the stock.

A number of other equities analysts also recently issued reports on BITF. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners began 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Performance

BITF stock opened at $1.61 on Wednesday. The company has a market cap of $729.23 million, a P/E ratio of -4.47 and a beta of 3.67. Bitfarms has a 1 year low of $1.48 and a 1 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 stock’s fifty day moving average price is $1.96 and its 200-day moving average price is $2.14.

Hedge Funds Weigh In On Bitfarms

Large investors have recently made changes to their positions in the business. HighTower Advisors LLC purchased a new position in shares of Bitfarms in the third quarter valued at about $25,000. Lifeworks Advisors LLC bought a new stake in shares of Bitfarms in the third quarter worth about $37,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms in the second quarter worth about $38,000. Chesapeake Capital Corp IL increased its holdings in shares of Bitfarms by 27.9% in the third 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 during the last quarter. Finally, HBW Advisory Services LLC bought a new stake in shares of Bitfarms in the third quarter worth about $63,000. 20.59% of the stock is currently owned by hedge funds and other 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.