Stifel Canada Upgrades Bitfarms (NASDAQ:BITF) to “Moderate Buy”

Bitfarms (NASDAQ:BITF) was upgraded by equities researchers at Stifel Canada from a “hold” rating to a “moderate buy” rating in a report released on Friday,Zacks.com reports.

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

Bitfarms Price Performance

Bitfarms stock opened at $2.05 on Friday. The stock 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 P/E ratio of -5.69 and a beta of 3.64. 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.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp boosted its position in Bitfarms by 17.7% during the 3rd 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 during the period. State Street Corp lifted its holdings in shares of Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after purchasing an additional 63,916 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after purchasing an additional 81,760 shares during the period. Weiss Asset Management LP grew its stake in shares of Bitfarms by 173.6% in 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 last quarter. Finally, Marshall Wace LLP acquired a new stake in Bitfarms in the second quarter valued at $4,016,000. Institutional investors and hedge funds 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.