Bitfarms Ltd. (NASDAQ:BITF) Receives $4.05 Consensus Price Target from Brokerages

Bitfarms Ltd. (NASDAQ:BITF) has received an average rating of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $4.05.

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

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC acquired a new stake in shares of Bitfarms during the third quarter worth $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms during the third quarter valued at $37,000. Money Concepts Capital Corp purchased a new position in shares of Bitfarms during the fourth quarter valued at $30,000. Guided Capital Wealth Management LLC purchased a new position in shares of Bitfarms during the fourth quarter valued at $30,000. Finally, National Bank of Canada FI grew its stake in Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $1.24 on Thursday. Bitfarms has a fifty-two week low of $1.06 and a fifty-two week high of $3.28. The business has a 50 day moving average price of $1.44 and a two-hundred day moving average price of $1.83. 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 firm has a market cap of $594.37 million, a PE ratio of -3.44 and a beta of 3.68.

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.