Analysts Set Bitfarms Ltd. (NASDAQ:BITF) PT at $3.66

Bitfarms Ltd. (NASDAQ:BITF) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $3.66.

A number of research firms have weighed in on BITF. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th.

Bitfarms Stock Performance

NASDAQ BITF opened at $2.15 on Tuesday. The firm has a market capitalization of $973.80 million, a PE ratio of -5.97 and a beta of 3.64. The business’s 50-day moving average price is $2.07 and its two-hundred day moving average price is $2.25. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 12 month low of $1.43 and a 12 month high of $3.91.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BITF. HighTower Advisors LLC acquired a new stake in Bitfarms in the third quarter worth $25,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the 2nd quarter valued at about $38,000. Shell Asset Management Co. bought a new stake in Bitfarms in the 1st quarter valued at about $43,000. Finally, Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.