Brokerages Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $4.14

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $4.14.

BITF has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. HC Wainwright cut their target price on Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a report on Tuesday, March 31st.

Bitfarms Stock Performance

Shares of BITF stock opened at $4.81 on Friday. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -20.91 and a beta of 3.77. 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 firm has a 50 day moving average of $2.89 and a 200-day moving average of $2.73.

Hedge Funds Weigh In On Bitfarms

Large investors have recently modified their holdings of the company. Azora Capital LP bought a new position in shares of Bitfarms in the 3rd quarter worth $11,545,000. Aurelius Capital Management LP bought a new position in shares of Bitfarms in the 3rd quarter worth $18,999,000. Arete Wealth Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter worth $1,030,000. Cliftonlarsonallen Wealth Advisors LLC bought a new position in shares of Bitfarms in the 4th quarter worth $588,000. Finally, Alight Capital Management LP bought a new position in Bitfarms during the 3rd quarter valued at $1,128,000. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

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.