Brokerages Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $3.66

Bitfarms Ltd. (NASDAQ:BITF) has earned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat 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 target among brokers that have updated their coverage on the stock in the last year is $3.66.

A number of brokerages have recently commented on BITF. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd.

Bitfarms Trading Down 5.1 %

NASDAQ BITF opened at $2.04 on Tuesday. Bitfarms has a 12 month low of $1.52 and a 12 month high of $3.91. The stock has a 50-day simple moving average of $2.07 and a 200 day simple moving average of $2.26. 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 company has a market capitalization of $923.99 million, a PE ratio of -5.67 and a beta of 3.64.

Institutional Trading of Bitfarms

Several hedge funds have recently bought and sold shares of BITF. Cetera Investment Advisers boosted its holdings in shares of 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 buying an additional 299,273 shares during the period. Shell Asset Management Co. acquired a new position in Bitfarms in the 1st quarter worth $43,000. K2 Principal Fund L.P. bought a new position in Bitfarms during the 2nd quarter worth about $816,000. Marshall Wace LLP acquired a new stake in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. Finally, Van ECK Associates Corp raised its stake in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.