Analysts Set Bitfarms Ltd. (NASDAQ:BITF) PT at $4.04

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $4.0417.

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

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently added to or reduced their stakes in the stock. Thames Capital Management LLC purchased a new position in Bitfarms during the 3rd quarter worth $19,834,000. Situational Awareness LP bought a new position in shares of Bitfarms during the 4th quarter worth $16,208,000. Renaissance Technologies LLC purchased a new position in shares of Bitfarms during the fourth quarter valued at $16,178,000. Aurelius Capital Management LP purchased a new position in shares of Bitfarms during the third quarter valued at $18,999,000. Finally, Vident Advisory LLC raised its holdings in shares of Bitfarms by 70.0% in the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after acquiring an additional 4,677,425 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Price Performance

Bitfarms stock opened at $2.22 on Tuesday. The firm has a 50-day moving average price of $2.43 and a 200-day moving average price of $2.77. The firm has a market capitalization of $1.34 billion, a PE ratio of -9.65 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. Bitfarms has a 12-month low of $0.67 and a 12-month high of $6.60.

Bitfarms Company Profile

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.