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

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

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. 272 Capital LP acquired a new stake in Bitfarms in the 3rd quarter valued at about $222,000. Barclays PLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $161,000. Geode Capital Management LLC grew its position in shares of Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Bitfarms during the 3rd quarter worth approximately $201,000. Finally, XTX Topco Ltd acquired a new position in shares of Bitfarms during the 3rd quarter worth approximately $254,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Up 6.3 %

Shares of NASDAQ:BITF opened at $1.69 on Friday. Bitfarms has a fifty-two week low of $1.52 and a fifty-two week 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 firm’s 50-day simple moving average is $2.05 and its 200-day simple moving average is $2.24. The company has a market cap of $765.46 million, a price-to-earnings ratio of -4.69 and a beta of 3.59.

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.