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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $4.05.

A number of research firms recently weighed in on BITF. Cantor Fitzgerald restated 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 initiated 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. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $1.59 on Friday. The company 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 firm’s 50 day simple moving average is $2.07 and its two-hundred day simple moving average is $2.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. Van ECK Associates Corp boosted its holdings in shares of Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the period. Weiss Asset Management LP increased its position in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the last quarter. K2 Principal Fund L.P. bought a new position in shares of Bitfarms during the 2nd quarter valued at approximately $816,000. Finally, Cetera Investment Advisers raised its holdings in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after buying an additional 299,273 shares during the period. 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.