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

Bitfarms Ltd. (NASDAQ:BITF) has been given an average rating of “Moderate Buy” by the six analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $4.05.

A number of research firms have recently commented on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd.

Bitfarms Stock Performance

Bitfarms stock opened at $1.59 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The firm has a market capitalization of $720.17 million, a P/E ratio of -4.42 and a beta of 3.59. Bitfarms has a 1-year low of $1.52 and a 1-year high of $3.91. The company’s 50-day moving average is $2.07 and its 200 day moving average is $2.25.

Hedge Funds Weigh In On Bitfarms

Several institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers boosted its stake in shares of Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares in the last quarter. K2 Principal Fund L.P. purchased a new stake in Bitfarms during the second quarter worth $816,000. Marshall Wace LLP bought a new stake in Bitfarms during the 2nd quarter valued at $4,016,000. Van ECK Associates Corp increased its holdings in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after acquiring an additional 911,952 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after acquiring an additional 15,167 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.