Bitfarms Ltd. (NASDAQ:BITF) Receives $4.05 Average PT from Brokerages

Bitfarms Ltd. (NASDAQ:BITF) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $4.05.

A number of equities research analysts have recently issued reports on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th.

Bitfarms Trading Down 5.8 %

NASDAQ BITF opened at $1.31 on Friday. The company has a market cap of $593.34 million, a PE ratio of -3.64 and a beta of 3.64. Bitfarms has a 12 month low of $1.31 and a 12 month high of $3.91. The stock has a 50 day moving average of $1.68 and a 200-day moving average of $1.96. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently modified their holdings of the business. Cetera Investment Advisers raised its stake in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the last quarter. Barclays PLC acquired a new position in Bitfarms during the 3rd quarter worth approximately $161,000. State Street Corp lifted its stake in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after purchasing an additional 63,916 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft boosted its position in Bitfarms by 245.8% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock valued at $1,043,000 after buying an additional 497,789 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.

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.