Keefe, Bruyette & Woods Initiates Coverage on Bitfarms (NASDAQ:BITF)

Keefe, Bruyette & Woods started coverage on shares of Bitfarms (NASDAQ:BITF) in a research note published on Wednesday, MarketBeat reports. The brokerage issued an outperform rating on the stock.

BITF has been the subject of several other reports. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Down 4.1 %

NASDAQ BITF opened at $1.62 on Wednesday. The business has a fifty day moving average price of $1.97 and a two-hundred day moving average price of $2.15. The stock has a market capitalization of $733.75 million, a PE ratio of -4.50 and a beta of 3.67. Bitfarms has a fifty-two week low of $1.48 and a fifty-two week high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently modified their holdings of the business. TD Asset Management Inc raised its position in Bitfarms by 70.0% during the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after purchasing an additional 141,424 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $38,000. Marshall Wace LLP acquired a new stake in shares of Bitfarms in the second quarter valued at about $4,016,000. K2 Principal Fund L.P. bought a new position in shares of Bitfarms during the second quarter worth about $816,000. Finally, Mackenzie Financial Corp raised its position in shares of Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after acquiring an additional 61,624 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.