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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $4.05.

Several equities research analysts have recently commented on BITF shares. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter worth approximately $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter valued at approximately $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter worth $38,000. Chesapeake Capital Corp IL boosted its position in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new position in Bitfarms in the 3rd quarter valued at $63,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $1.67 on Wednesday. The business has a 50-day simple moving average of $1.88 and a 200 day simple moving average of $2.09. Bitfarms has a one year low of $1.47 and a one year high of $3.91. 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 $756.39 million, a price-to-earnings ratio of -4.64 and a beta of 3.67.

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.