Bitfarms (NASDAQ:BITF) Coverage Initiated by Analysts at Keefe, Bruyette & Woods

Research analysts at Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms (NASDAQ:BITF) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

A number of other research analysts have also commented on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price target 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

NASDAQ:BITF opened at $1.69 on Wednesday. The company has a market cap of $765.46 million, a P/E ratio of -4.69 and a beta of 3.67. The firm’s fifty day moving average price is $1.98 and its two-hundred day moving average price is $2.16. Bitfarms has a one year low of $1.48 and a one year 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Marshall Wace LLP acquired a new stake in shares of Bitfarms during the 2nd quarter worth $4,016,000. Weiss Asset Management LP lifted its position in Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares during the period. Van ECK Associates Corp grew its stake in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after buying an additional 911,952 shares in the last quarter. K2 Principal Fund L.P. bought a new position in Bitfarms in the 2nd quarter valued at about $816,000. Finally, Cetera Investment Advisers raised its position in shares of Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after buying an additional 299,273 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.