Bitfarms Ltd. (NASDAQ:BITF) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been given a consensus rating of “Moderate Buy” by the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $4.0417.

Several equities analysts have recently weighed in on the company. Wall Street Zen cut Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $3.00 target price (up from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Cantor Fitzgerald raised their target price on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st.

Bitfarms Stock Down 8.1%

NASDAQ:BITF opened at $2.04 on Tuesday. Bitfarms has a 1 year low of $0.67 and a 1 year high of $6.60. The stock has a 50-day moving average price of $2.42 and a two-hundred day moving average price of $2.79. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -8.87 and a beta of 3.81. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. Harvest Portfolios Group Inc. lifted its position in Bitfarms by 40.6% in the 2nd quarter. Harvest Portfolios Group Inc. now owns 146,203 shares of the company’s stock valued at $121,000 after acquiring an additional 42,240 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Bitfarms by 108.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock worth $233,000 after purchasing an additional 144,593 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Bitfarms by 25.8% in the 2nd quarter. SBI Securities Co. Ltd. now owns 186,814 shares of the company’s stock valued at $157,000 after purchasing an additional 38,358 shares during the period. Geode Capital Management LLC raised its stake in shares of Bitfarms by 3.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock valued at $2,860,000 after purchasing an additional 125,156 shares during the period. Finally, Creative Planning lifted its holdings in shares of Bitfarms by 54.0% in the second quarter. Creative Planning now owns 85,580 shares of the company’s stock valued at $72,000 after purchasing an additional 30,000 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.