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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $4.14.

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

Bitfarms Stock Up 1.3%

Shares of BITF stock opened at $5.59 on Thursday. The company’s fifty day simple moving average is $3.96 and its two-hundred day simple moving average is $2.99. Bitfarms has a 52 week low of $0.70 and a 52 week high of $6.60. 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 $3.37 billion, a P/E ratio of -24.30 and a beta of 3.77.

Institutional Trading of Bitfarms

A number of large investors have recently made changes to their positions in the business. Western Wealth Management LLC increased its holdings in shares of Bitfarms by 12.8% in the 3rd quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock worth $75,000 after buying an additional 3,024 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Bitfarms by 0.4% in the 1st quarter. Cetera Investment Advisers now owns 877,307 shares of the company’s stock worth $1,711,000 after buying an additional 3,265 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Bitfarms by 39.5% during the 1st quarter. Bank of New York Mellon Corp now owns 14,659 shares of the company’s stock valued at $29,000 after purchasing an additional 4,154 shares during the last quarter. J. Derek Lewis & Associates Inc. grew its holdings in Bitfarms by 34.1% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 20,428 shares of the company’s stock valued at $40,000 after purchasing an additional 5,190 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA grew its holdings in Bitfarms by 3.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 180,200 shares of the company’s stock valued at $425,000 after purchasing an additional 5,200 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

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.