Bitfarms (NASDAQ:BITF) Coverage Initiated by Analysts at Alliance Global Partners

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

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

Bitfarms Stock Down 2.8 %

Shares of Bitfarms stock opened at $2.08 on Wednesday. Bitfarms has a 12 month low of $1.52 and a 12 month high of $3.91. 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 stock has a market cap of $942.09 million, a PE ratio of -5.78 and a beta of 3.59. The business has a fifty day simple moving average of $2.06 and a 200 day simple moving average of $2.26.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BITF. Chesapeake Capital Corp IL grew its stake in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC lifted its position in shares of Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after buying an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter worth approximately $25,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms in the 2nd quarter worth approximately $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after acquiring an additional 15,167 shares during the period. 20.59% of the stock is 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.