Keefe, Bruyette & Woods Initiates Coverage on Bitfarms (NASDAQ:BITF)

Equities researchers at Keefe, Bruyette & Woods started coverage on shares of Bitfarms (NASDAQ:BITF) in a research note issued on Wednesday, Marketbeat reports. The firm set an “outperform” rating on the stock.

Several other research firms also recently 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. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Down 4.1 %

NASDAQ:BITF opened at $1.62 on Wednesday. The company has a market cap of $733.75 million, a PE ratio of -4.50 and a beta of 3.67. Bitfarms has a twelve month low of $1.48 and a twelve month high of $3.91. 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 company’s 50 day moving average is $1.96 and its two-hundred day moving average is $2.15.

Hedge Funds Weigh In On Bitfarms

Large investors have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $25,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth $38,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the third quarter worth $37,000. Chesapeake Capital Corp IL raised its position in Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC acquired a new position in Bitfarms during the third quarter worth $63,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.