Analysts Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $4.05

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $4.05.

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

Bitfarms Stock Up 2.4 %

BITF opened at $1.68 on Wednesday. Bitfarms has a twelve month low of $1.47 and a twelve month 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 has a 50 day moving average price of $1.91 and a 200-day moving average price of $2.10. The stock has a market capitalization of $760.92 million, a price-to-earnings ratio of -4.67 and a beta of 3.67.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter valued at approximately $25,000. Lifeworks Advisors LLC bought a new position in Bitfarms during the third quarter valued at $37,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the second quarter valued at $38,000. Chesapeake Capital Corp IL lifted its holdings in shares of Bitfarms by 27.9% in the 3rd 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 last quarter. Finally, HBW Advisory Services LLC purchased a new position in shares of Bitfarms during the 3rd quarter worth about $63,000. 20.59% of the stock is owned by institutional investors.

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.