Bitfarms Ltd. (NASDAQ:BITF) Receives Average Rating of “Moderate Buy” from Analysts

Bitfarms Ltd. (NASDAQ:BITF) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $4.14.

BITF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. HC Wainwright lowered their target price on Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a report on Tuesday, March 31st.

Institutional Trading of Bitfarms

A number of hedge funds have recently modified their holdings of the company. J. Derek Lewis & Associates Inc. lifted its position in shares of Bitfarms by 34.1% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 20,428 shares of the company’s stock worth $40,000 after acquiring an additional 5,190 shares during the period. Situational Awareness LP lifted its position in shares of Bitfarms by 188.2% in the 1st quarter. Situational Awareness LP now owns 19,875,840 shares of the company’s stock worth $38,758,000 after acquiring an additional 12,978,740 shares during the period. Monarch Alternative Capital LP acquired a new stake in Bitfarms during the first quarter worth $13,942,000. SummitTX Capital L.P. boosted its stake in Bitfarms by 144.8% during the first quarter. SummitTX Capital L.P. now owns 35,719 shares of the company’s stock worth $70,000 after buying an additional 21,128 shares in the last quarter. Finally, Galaxy Digital Capital Management GP LLC boosted its stake in Bitfarms by 114.9% during the first quarter. Galaxy Digital Capital Management GP LLC now owns 3,072,979 shares of the company’s stock worth $5,992,000 after buying an additional 1,643,351 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

BITF opened at $4.23 on Friday. The firm has a market capitalization of $2.55 billion, a P/E ratio of -18.39 and a beta of 3.77. The stock’s 50 day moving average price is $2.84 and its two-hundred day moving average price is $2.71. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. Bitfarms has a 12-month low of $0.70 and a 12-month high of $6.60.

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.