Analysts Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $4.05

Bitfarms Ltd. (NASDAQ:BITF) has been given a consensus rating of “Moderate Buy” by the seven research firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $4.05.

Several research analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price 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. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock.

Bitfarms Trading Up 2.4 %

BITF opened at $1.68 on Wednesday. The firm has a market cap of $760.92 million, a P/E ratio of -4.67 and a beta of 3.67. 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 stock has a 50-day moving average of $1.93 and a 200 day moving average of $2.11. Bitfarms has a 12 month low of $1.47 and a 12 month high of $3.91.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Cetera Investment Advisers boosted its position in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after acquiring an additional 299,273 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 worth $3,965,000 after purchasing an additional 81,760 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in Bitfarms during the second quarter valued at about $816,000. State Street Corp grew its stake in Bitfarms by 1.3% in the third 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, Marshall Wace LLP bought a new position in Bitfarms in the second quarter worth about $4,016,000. 20.59% of the stock is currently owned by institutional investors.

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.