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

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

BITF has been the topic of several research reports. Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd.

Bitfarms Trading Down 1.8 %

Shares of Bitfarms stock opened at $1.63 on Friday. Bitfarms has a 12-month low of $1.52 and a 12-month high of $3.91. The firm’s 50 day simple moving average is $2.04 and its two-hundred day simple moving average is $2.23. 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 firm has a market capitalization of $738.28 million, a price-to-earnings ratio of -4.53 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the 3rd quarter worth about $37,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the 2nd quarter valued at about $38,000. Chesapeake Capital Corp IL increased its stake in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new position in Bitfarms in the 3rd quarter worth about $63,000. Institutional investors and hedge funds 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.