Bitfarms (NASDAQ:BITF) Upgraded at Stifel Canada

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

A number of other research firms also recently issued reports on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Trading Down 2.8 %

Shares of BITF stock opened at $2.05 on Friday. The stock’s 50-day moving average price is $2.06 and its 200-day moving average price is $2.25. Bitfarms has a 12-month low of $1.03 and a 12-month high of $3.91. The stock has a market capitalization of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently modified their holdings of the stock. HighTower Advisors LLC bought a new stake in Bitfarms in the third quarter worth $25,000. Lifeworks Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter worth about $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter worth about $38,000. Shell Asset Management Co. bought a new position in Bitfarms during the 1st quarter valued at about $43,000. Finally, Chesapeake Capital Corp IL grew its holdings in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. Institutional investors own 20.59% of the company’s stock.

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.