Bitfarms (NASDAQ:BITF) Upgraded by Stifel Canada to “Moderate Buy” Rating

Bitfarms (NASDAQ:BITF) was upgraded by research analysts at Stifel Canada from a “hold” rating to a “moderate buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Performance

BITF stock opened at $2.05 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The business has a 50-day moving average price of $2.06 and a 200 day moving average price of $2.25. The company has a market capitalization of $928.51 million, a P/E ratio of -5.69 and a beta of 3.64. Bitfarms has a 1-year low of $1.03 and a 1-year high of $3.91.

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter worth about $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter worth about $37,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the second quarter worth about $38,000. Shell Asset Management Co. purchased a new stake in shares of Bitfarms during the first quarter worth about $43,000. Finally, Chesapeake Capital Corp IL grew its stake in shares of Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

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.