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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned an average rating of “Moderate Buy” from the six research firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $4.05.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Marshall Wace LLP acquired a new position in Bitfarms during the second quarter valued at approximately $4,016,000. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after buying an additional 1,404,895 shares in the last quarter. Weiss Asset Management LP raised its holdings in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after buying an additional 1,004,400 shares in the last quarter. K2 Principal Fund L.P. acquired a new stake in Bitfarms in the second quarter valued at about $816,000. Finally, Cetera Investment Advisers grew its position in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after acquiring an additional 299,273 shares during the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

Shares of BITF stock opened at $1.68 on Friday. The company has a market capitalization of $760.93 million, a price-to-earnings ratio of -4.67 and a beta of 3.59. 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 52 week low of $1.52 and a 52 week high of $3.91. The company has a 50-day simple moving average of $2.07 and a 200 day simple moving average of $2.25.

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.