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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have given 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 $3.66.

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

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $2.05 on Tuesday. Bitfarms has a 12 month low of $1.03 and a 12 month high of $3.91. The firm has a market capitalization of $928.51 million, a P/E ratio of -5.69 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $2.06 and a two-hundred day simple moving average of $2.25.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently bought and sold shares of BITF. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the third quarter worth $25,000. Lifeworks Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter worth $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter valued at about $38,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms in the first quarter valued at about $43,000. Finally, Chesapeake Capital Corp IL lifted its position 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 valued at $50,000 after acquiring an additional 4,800 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

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.