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

Bitfarms Ltd. (NASDAQ:BITF) has been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $4.05.

A number of equities research analysts recently issued reports on the company. 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. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC purchased a new position in Bitfarms during the 3rd quarter worth $25,000. Money Concepts Capital Corp purchased a new position in Bitfarms in the fourth quarter valued at about $30,000. Guided Capital Wealth Management LLC purchased a new position in Bitfarms in the fourth quarter valued at approximately $30,000. National Bank of Canada FI raised its position in shares of Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares during the period. Finally, Olympiad Research LP bought a new position in Bitfarms in the 4th quarter worth about $36,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Up 2.9 %

NASDAQ:BITF opened at $1.40 on Friday. Bitfarms has a 1 year low of $1.28 and a 1 year high of $3.91. The stock has a 50-day moving average price of $1.65 and a two-hundred day moving average price of $1.95. The stock has a market cap of $634.11 million, a price-to-earnings ratio of -3.89 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

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.