Bitfarms Ltd. (NASDAQ:BITF) Given Consensus Rating of “Moderate Buy” by Analysts

Bitfarms Ltd. (NASDAQ:BITF) has received a consensus rating of “Moderate Buy” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $3.66.

A number of analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th.

Bitfarms Stock Performance

BITF opened at $2.05 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a market capitalization of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64. Bitfarms has a fifty-two week low of $1.03 and a fifty-two week high of $3.91. The company has a fifty day moving average of $2.06 and a 200 day moving average of $2.25.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC boosted its position in shares of Bitfarms by 58.4% during the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after buying an additional 2,571,647 shares during the period. Marshall Wace LLP purchased a new position in Bitfarms during the 2nd quarter valued at $4,016,000. Van ECK Associates Corp grew its position in Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after acquiring an additional 1,404,895 shares during the last quarter. Weiss Asset Management LP increased its stake in Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares during the period. Finally, Cetera Investment Advisers bought a new stake in shares of Bitfarms during the first quarter worth $1,558,000. Institutional investors own 20.59% of the company’s stock.

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.