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

Bitfarms Ltd. (NASDAQ:BITF) has earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings 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 target price among brokerages that have covered the stock in the last year is $4.05.

Several equities analysts recently commented on the company. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. HighTower Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $25,000. Money Concepts Capital Corp bought a new stake in shares of Bitfarms in the 4th quarter valued at approximately $30,000. Guided Capital Wealth Management LLC bought a new stake in shares of Bitfarms in the 4th quarter valued at approximately $30,000. National Bank of Canada FI increased its holdings in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after acquiring an additional 19,877 shares during the last quarter. Finally, Olympiad Research LP bought a new stake in shares of Bitfarms in the 4th quarter valued at approximately $36,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Stock Performance

Bitfarms stock opened at $1.18 on Thursday. The stock’s 50 day moving average price is $1.46 and its 200 day moving average price is $1.85. The firm has a market capitalization of $565.61 million, a PE ratio of -3.28 and a beta of 3.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms has a one year low of $1.06 and a one year high of $3.28.

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.