Bitfarms (NASDAQ:BITF) Earns Outperform Rating from Analysts at Keefe, Bruyette & Woods

Research analysts at Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set an “outperform” rating on the stock.

A number of other analysts have also commented on BITF. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Alliance Global Partners initiated coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Trading Down 4.0 %

Shares of NASDAQ:BITF opened at $1.69 on Wednesday. The firm has a market cap of $765.46 million, a price-to-earnings ratio of -4.69 and a beta of 3.67. Bitfarms has a 12 month low of $1.48 and a 12 month high of $3.91. The company’s fifty day simple moving average is $1.98 and its 200 day simple moving average is $2.16. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter valued at $25,000. Lifeworks Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the 2nd quarter worth about $38,000. Chesapeake Capital Corp IL increased its stake in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at about $63,000. Institutional investors own 20.59% of the company’s stock.

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.