Alliance Global Partners Initiates Coverage on Bitfarms (NASDAQ:BITF)

Equities research analysts at Alliance Global Partners initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $6.00 price target on the stock. Alliance Global Partners’ price target suggests a potential upside of 188.46% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $2.08 on Wednesday. The firm has a market capitalization of $942.09 million, a P/E ratio of -5.78 and a beta of 3.59. Bitfarms has a 52 week low of $1.52 and a 52 week high of $3.91. The firm’s 50 day moving average is $2.06 and its two-hundred day moving average is $2.26. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers bought a new position in Bitfarms during the first quarter valued at about $1,558,000. Cetera Advisors LLC raised its stake in shares of Bitfarms by 40.8% in the 1st quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock valued at $1,523,000 after acquiring an additional 198,470 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bitfarms by 521.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after acquiring an additional 57,383 shares in the last quarter. Van ECK Associates Corp grew its holdings in Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after buying an additional 1,404,895 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in Bitfarms by 70.0% in the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after buying an additional 141,424 shares during the last quarter. 20.59% of the stock is 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.