Bitfarms (NASDAQ:BITF) Upgraded by Stifel Canada to “Moderate Buy” Rating

Stifel Canada upgraded shares of Bitfarms (NASDAQ:BITF) from a hold rating to a moderate buy rating in a research note published on Friday morning,Zacks.com reports.

Several other equities research analysts have also commented on BITF. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Price Performance

Bitfarms stock opened at $2.05 on Friday. 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 company has a market cap of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64. Bitfarms has a 1 year low of $1.03 and a 1 year high of $3.91. The firm has a 50 day moving average price of $2.06 and a 200 day moving average price of $2.25.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Chesapeake Capital Corp IL grew its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC grew its position in shares of Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of Bitfarms during the third quarter worth about $25,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms in the 2nd quarter worth about $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.