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

Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a report released on Wednesday morning, MarketBeat reports. The firm issued an outperform rating on the stock.

A number of other equities analysts also recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. Alliance Global Partners began coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Price Performance

NASDAQ:BITF opened at $1.62 on Wednesday. The stock’s 50-day simple moving average is $1.97 and its 200 day simple moving average is $2.15. Bitfarms has a 52-week low of $1.48 and a 52-week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The company has a market cap of $733.75 million, a P/E ratio of -4.50 and a beta of 3.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TD Asset Management Inc increased its position in Bitfarms by 70.0% during the second quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after acquiring an additional 141,424 shares during the period. WINTON GROUP Ltd acquired a new stake in Bitfarms during the second quarter worth approximately $38,000. Marshall Wace LLP bought a new position in Bitfarms during the 2nd quarter worth $4,016,000. K2 Principal Fund L.P. acquired a new position in Bitfarms in the 2nd quarter valued at $816,000. Finally, Mackenzie Financial Corp lifted its position in shares of Bitfarms by 67.3% during the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after acquiring an additional 61,624 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

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.