Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have earned an average rating of "Moderate Buy" from the six brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $4.05.
Several equities research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reaffirmed a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They set a "buy" rating and a $6.00 price objective for the company. Finally, Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd.
Read Our Latest Research Report on BITF
Shares of BITF opened at $1.68 on Friday. The firm's 50 day moving average price is $2.07 and its two-hundred day moving average price is $2.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms has a twelve month low of $1.52 and a twelve month high of $3.91. The firm has a market cap of $760.93 million, a P/E ratio of -4.67 and a beta of 3.59.
Institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new stake in Bitfarms in the 3rd quarter valued at about $25,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter valued at approximately $38,000. Lifeworks Advisors LLC bought a new stake in Bitfarms in the third quarter valued at approximately $37,000. Chesapeake Capital Corp IL lifted its position in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after buying an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new position in shares of Bitfarms during the 3rd quarter worth approximately $63,000. Institutional investors own 20.59% of the company's stock.
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.
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