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

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

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

Bitfarms Trading Down 2.8 %

NASDAQ:BITF opened at $2.05 on Friday. The firm has a market cap of $928.51 million, a P/E ratio of -5.69 and a beta of 3.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms has a 52 week low of $1.03 and a 52 week high of $3.91. The firm’s fifty day moving average is $2.06 and its 200-day moving average is $2.25.

Institutional Trading of Bitfarms

Large investors have recently made changes to their positions in the company. HighTower Advisors LLC bought a new position in Bitfarms in the third quarter worth approximately $25,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the 2nd quarter valued at $38,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the third quarter worth $37,000. Shell Asset Management Co. acquired a new position in Bitfarms during the first quarter worth $43,000. Finally, Chesapeake Capital Corp IL lifted its stake in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.