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

Bitfarms Ltd. (NASDAQ:BITF) has earned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. One investment 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 1 year price objective among brokerages that have issued a report on the stock in the last year is $4.14.

Separately, HC Wainwright cut their target price on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a research note on Tuesday, March 31st.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $5.42 on Thursday. The firm has a market cap of $3.27 billion, a PE ratio of -23.57 and a beta of 3.77. The firm’s 50-day simple moving average is $3.76 and its 200-day simple moving average is $2.94. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. Bitfarms has a 1 year low of $0.70 and a 1 year high of $6.60.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of BITF. Laidlaw Wealth Management LLC acquired a new stake in Bitfarms during the first quarter worth about $25,000. Farther Finance Advisors LLC raised its stake in Bitfarms by 144.7% during the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after acquiring an additional 6,510 shares during the period. Equitable Holdings Inc. acquired a new stake in Bitfarms during the fourth quarter worth about $27,000. Bank of New York Mellon Corp raised its stake in Bitfarms by 39.5% during the first quarter. Bank of New York Mellon Corp now owns 14,659 shares of the company’s stock worth $29,000 after acquiring an additional 4,154 shares during the period. Finally, State of Wisconsin Investment Board acquired a new stake in Bitfarms during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.