Bitfarms Ltd. (NASDAQ:BITF) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $4.14.

Separately, HC Wainwright decreased 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.

Bitfarms Stock Performance

BITF stock opened at $5.96 on Thursday. The company has a market cap of $3.59 billion, a P/E ratio of -25.91 and a beta of 3.77. Bitfarms has a 1 year low of $0.70 and a 1 year high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The stock’s fifty day moving average price is $4.12 and its 200-day moving average price is $3.03.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of BITF. Geode Capital Management LLC raised its holdings in Bitfarms by 3.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock worth $2,860,000 after purchasing an additional 125,156 shares during the period. Creative Planning raised its holdings in Bitfarms by 54.0% in the 2nd quarter. Creative Planning now owns 85,580 shares of the company’s stock worth $72,000 after purchasing an additional 30,000 shares during the period. Cetera Investment Advisers raised its holdings in Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after purchasing an additional 10,622 shares during the period. Legal & General Group Plc raised its holdings in Bitfarms by 4.1% during the second quarter. Legal & General Group Plc now owns 370,869 shares of the company’s stock valued at $309,000 after acquiring an additional 14,513 shares during the period. Finally, Invesco Ltd. raised its holdings in Bitfarms by 40.4% during the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock valued at $11,120,000 after acquiring an additional 3,806,810 shares during the period. 20.59% of the stock is owned by institutional investors.

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.