Bitfarms Ltd. (NASDAQ:BITF) Given Consensus Rating of “Moderate Buy” by Analysts

Bitfarms Ltd. (NASDAQ:BITF) has received a consensus rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $4.05.

Several equities research analysts have weighed in on the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter worth $25,000. Lifeworks Advisors LLC bought a new position in shares of Bitfarms in the third quarter worth $37,000. Money Concepts Capital Corp bought a new position in Bitfarms during the fourth quarter valued at about $30,000. Guided Capital Wealth Management LLC bought a new position in Bitfarms during the fourth quarter valued at about $30,000. Finally, National Bank of Canada FI boosted its stake in Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after buying an additional 19,877 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $1.18 on Thursday. Bitfarms has a 1-year low of $1.06 and a 1-year high of $3.28. 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 business’s fifty day moving average price is $1.46 and its two-hundred day moving average price is $1.85. The firm has a market capitalization of $565.61 million, a PE ratio of -3.28 and a beta of 3.64.

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.