Bitfarms (NASDAQ:BITF) Stock Rating Upgraded by Stifel Canada

Stifel Canada upgraded shares of Bitfarms (NASDAQ:BITF) from a hold rating to a moderate buy rating in a research note released on Friday,Zacks.com reports.

A number of other equities analysts have also commented on BITF. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Bitfarms currently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

Shares of BITF opened at $2.05 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a market capitalization of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64. Bitfarms has a 52-week low of $1.03 and a 52-week high of $3.91. The stock’s 50-day simple moving average is $2.06 and its 200 day simple moving average is $2.25.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Chesapeake Capital Corp IL grew its stake in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in shares of Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares during the last quarter. HighTower Advisors LLC purchased a new position in Bitfarms in the third quarter worth $25,000. WINTON GROUP Ltd bought a new position in Bitfarms in the second quarter valued at $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.