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

Key Points

• Analysts: Nine analysts give Bitfarms a consensus rating of "Moderate Buy" (7 buys, 1 hold, 1 sell) with an average 12‑month price target of $4.20.
• Price and valuation: Shares opened at $1.95 (50‑day $2.26, 200‑day $2.87) with a 12‑month range of $0.67–$6.60; market capitalization is about $1.18 billion and the company shows a negative PE of -8.48.
• Institutional activity: Several funds recently initiated or increased positions in Bitfarms, and institutional investors now own about 20.59% of the stock.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the nine analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $4.20.

Several brokerages have commented on BITF. Keefe, Bruyette & Woods restated a "market perform" rating and set a $3.00 price objective (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, January 21st.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $1.95 on Friday. The firm has a 50 day moving average of $2.26 and a 200-day moving average of $2.87. Bitfarms has a 12 month low of $0.67 and a 12 month high of $6.60. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.18 billion, a PE ratio of -8.48 and a beta of 3.81.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in shares of Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company's stock valued at $26,000 after acquiring an additional 6,510 shares in the last quarter. Equitable Holdings Inc. acquired a new position in Bitfarms in the 4th quarter worth about $27,000. State of Wisconsin Investment Board bought a new position in Bitfarms in the fourth quarter valued at about $32,000. US Bancorp DE bought a new position in Bitfarms in the third quarter valued at about $34,000. Finally, SummitTX Capital L.P. acquired a new stake in shares of Bitfarms during the fourth quarter valued at about $34,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

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.

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