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

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

Several research firms recently commented on BITF. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods began coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. 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. Finally, Alliance Global Partners started coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at about $25,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at about $37,000. Money Concepts Capital Corp acquired a new stake in shares of Bitfarms in the fourth quarter valued at about $30,000. Guided Capital Wealth Management LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at about $30,000. Finally, National Bank of Canada FI grew its stake in shares of Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after buying an additional 19,877 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Stock Performance

Bitfarms stock opened at $1.15 on Thursday. The firm has a market capitalization of $551.23 million, a P/E ratio of -3.19 and a beta of 3.68. The stock has a fifty day moving average price of $1.42 and a 200 day moving average price of $1.81. Bitfarms has a 52 week low of $1.06 and a 52 week high of $3.28. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

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.