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

Stifel Canada upgraded shares of Bitfarms (NASDAQ:BITF) from a hold rating to a moderate buy rating in a report issued on Friday morning,Zacks.com reports.

Several other analysts have also issued reports on BITF. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Price Performance

Shares of Bitfarms stock opened at $2.05 on Friday. 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 company has a fifty day moving average of $2.06 and a 200-day moving average of $2.25. The stock has a market capitalization of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of the company. Shell Asset Management Co. purchased a new position in Bitfarms during the 1st quarter valued at about $43,000. Bayesian Capital Management LP increased its stake in shares of Bitfarms by 116.3% during the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after buying an additional 34,200 shares during the period. Cetera Investment Advisers bought a new position in shares of Bitfarms during the first quarter valued at approximately $1,558,000. Cetera Advisors LLC lifted its stake in Bitfarms by 40.8% in the first quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock worth $1,523,000 after acquiring an additional 198,470 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Bitfarms by 521.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after acquiring an additional 57,383 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

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.