Bitfarms (NASDAQ:BITF) Earns Buy Rating from Analysts at Alliance Global Partners

Equities research analysts at Alliance Global Partners initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research report issued on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Alliance Global Partners’ price target points to a potential upside of 201.51% from the company’s current price.

Several other analysts have also recently commented on the company. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Price Performance

BITF stock opened at $1.99 on Wednesday. The stock has a market capitalization of $901.33 million, a price-to-earnings ratio of -5.53 and a beta of 3.59. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a 52-week low of $1.52 and a 52-week high of $3.91. The stock’s fifty day simple moving average is $2.07 and its 200-day simple moving average is $2.26.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of BITF. Cetera Investment Advisers acquired a new position in shares of Bitfarms during the 1st quarter valued at $1,558,000. Cetera Advisors LLC boosted its position in shares of Bitfarms by 40.8% in the first quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock worth $1,523,000 after buying an additional 198,470 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bitfarms by 521.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after buying an additional 57,383 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after buying an additional 1,404,895 shares during the period. Finally, TD Asset Management Inc lifted its position in Bitfarms by 70.0% during the 2nd 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 in the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Company Profile

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.