Bitfarms Ltd. (NASDAQ:BITF) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Bitfarms Ltd. (NASDAQ:BITF) has recently been assigned a consensus rating of "Moderate Buy" by seven analysts who follow the stock, as reported by MarketBeat. Out of these analysts, one has issued a hold rating while six have recommended buying the stock. The average target price for Bitfarms over the next year, according to brokers who have provided insights in the past year, stands at $4.05.

Analyst Reports on Bitfarms

Bitfarms has been subject to multiple research reports. On December 4th, Alliance Global Partners started coverage, giving the stock a "buy" rating with a target price of $6.00. On January 8th, Keefe, Bruyette & Woods initiated coverage as well, rating the company as "outperform." Furthermore, Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a note issued on November 22nd. HC Wainwright also affirmed a "buy" rating on November 14th, setting a target price of $4.00 for the shares.

Bitfarms Stock Performance

As of last Friday, Bitfarms stock opened at $1.42. The company demonstrates solid financial ratios, including a quick ratio of 3.68 and a current ratio of 3.70, highlighting its liquidity. With a market capitalization of $643.16 million, the stock has experienced a price range over the past 52 weeks from a low of $1.31 to a high of $3.91. The price-to-earnings (PE) ratio is currently -3.94, and the stock has a higher beta of 3.64, indicating significant volatility in comparison to the overall market.

Institutional Holdings Analysis

Recent movements in institutional holdings indicate positive interest in Bitfarms. HighTower Advisors LLC added a new position in the company worth approximately $25,000 during the third quarter. In the fourth quarter, Money Concepts Capital Corp and Guided Capital Wealth Management LLC each purchased stakes valued at about $30,000. Olympiad Research LP also entered a new position worth approximately $36,000, while Lifeworks Advisors LLC added a position worth about $37,000. Currently, around 20.59% of Bitfarms stock is held by hedge funds and other institutional investors.

About Bitfarms Ltd.

Bitfarms Ltd. is engaged in cryptocurrency mining operations across Canada, the United States, Paraguay, and Argentina. The company operates server farms focused on validating transactions within the Bitcoin Blockchain, earning cryptocurrency through block rewards and transaction fees. Additionally, Bitfarms provides electrical services to both commercial and residential clients in Quebec, Canada.

Bitfarms, Analysts, Rating