Bitfarms (NASDAQ:BITF) Raised to Moderate Buy at Stifel Canada

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

Several other research firms have also commented on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Down 2.8 %

NASDAQ BITF opened at $2.05 on Friday. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average of $2.06 and a two-hundred day moving average of $2.25. The firm has a market capitalization of $928.51 million, a price-to-earnings ratio of -5.69 and a beta of 3.64. Bitfarms has a 52 week low of $1.03 and a 52 week high of $3.91.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the business. Chesapeake Capital Corp IL lifted its position in shares of Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its position in shares of Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after purchasing an additional 5,000 shares during the last quarter. HighTower Advisors LLC bought a new stake in shares of Bitfarms during the third quarter worth $25,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the second quarter worth $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors.

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.