Bitfarms (NASDAQ:BITF) Raised to Moderate Buy at Stifel Canada

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

A number of other equities analysts also recently commented on BITF. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective 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 given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Down 2.8 %

NASDAQ BITF opened at $2.05 on Friday. The stock has a market cap of $928.51 million, a PE ratio of -5.69 and a beta of 3.64. Bitfarms has a 12 month low of $1.03 and a 12 month high of $3.91. The company’s 50-day moving average price is $2.06 and its 200-day moving average price is $2.25. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp raised its stake in Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after buying an additional 911,952 shares in the last quarter. State Street Corp increased its holdings in shares of Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after acquiring an additional 63,916 shares during the period. Geode Capital Management LLC raised its position in shares of Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares in the last quarter. Weiss Asset Management LP lifted its stake in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Bitfarms during the second quarter valued at about $4,016,000. 20.59% of the stock is currently owned by 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.