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

Shares of Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) have been given an average rating of “Moderate Buy” by the eight analysts that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $4.14.

Several equities analysts recently commented on BITF shares. HC Wainwright reduced their target price on Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $3.00 price objective (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st.

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Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Monarch Alternative Capital LP purchased a new position in shares of Bitfarms in the 1st quarter worth about $13,942,000. Situational Awareness LP purchased a new position in shares of Bitfarms in the 4th quarter worth about $16,208,000. Renaissance Technologies LLC purchased a new position in shares of Bitfarms in the 4th quarter worth about $16,178,000. Aurelius Capital Management LP purchased a new position in shares of Bitfarms in the 3rd quarter worth about $18,999,000. Finally, Vident Advisory LLC boosted its holdings in shares of Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after purchasing an additional 4,677,425 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Price Performance

Bitfarms stock opened at $4.39 on Friday. Bitfarms has a 52 week low of $0.70 and a 52 week high of $6.60. The business has a 50-day simple moving average of $2.67 and a 200 day simple moving average of $2.72. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -19.09 and a beta of 3.77.

About Bitfarms

(Get Free Report)

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.

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