Bitfarms (NASDAQ:BITF) Coverage Initiated at Keefe, Bruyette & Woods

Analysts at Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms (NASDAQ:BITF) in a research report issued on Wednesday, MarketBeat reports. The firm set an “outperform” rating on the stock.

BITF has been the subject of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target 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 note on Friday, November 22nd. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

BITF stock opened at $1.62 on Wednesday. Bitfarms has a 52 week low of $1.48 and a 52 week high of $3.91. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $1.96 and a two-hundred day simple moving average of $2.15. The firm has a market capitalization of $733.75 million, a P/E ratio of -4.50 and a beta of 3.67.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently modified their holdings of the business. Chesapeake Capital Corp IL raised its holdings 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. Gladstone Institutional Advisory LLC raised its holdings in shares of Bitfarms by 3.2% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at about $25,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the 2nd quarter worth approximately $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after acquiring an additional 15,167 shares in the last quarter. 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.