Bitfarms Ltd. Analysts Recommend "Moderate Buy"

Bitfarms Ltd. (NASDAQ:BITF) has received a consensus recommendation of "Moderate Buy" from the seven analysts currently covering the stock, according to MarketBeat. Among these analysts, one has assigned a hold recommendation, while six others have recommended buying the stock. The average price target for Bitfarms over the next year is estimated at $4.05.

Recent Analyst Reports

Several investment firms have recently reported on Bitfarms. For instance, Alliance Global Partners initiated coverage on December 4th, giving the company a "buy" rating and setting a $6.00 price target. On January 8th, Keefe, Bruyette & Woods also began coverage of the stock, assigning it an "outperform" rating. In another adjustment, Stifel Canada upgraded Bitfarms from "hold" to "moderate buy" on November 22nd. Additionally, HC Wainwright reaffirmed a "buy" rating with a $4.00 price target on November 14th.

Performance Overview

On the trading front, Bitfarms opened at $1.42. Financial metrics paint a positive picture: the company has a quick ratio of 3.68, a current ratio of 3.70, and a low debt-to-equity ratio of 0.04. Furthermore, the stock's 50-day moving average stands at $1.70, while the 200-day moving average is $1.98. The share price has fluctuated between a 52-week low of $1.31 and a high of $3.91, with a market capitalization of approximately $643.16 million and a price-to-earnings (PE) ratio of -3.94.

Institutional Trading Activity

Institutional investors have also shown interest in Bitfarms lately. HighTower Advisors LLC acquired a new position during the third quarter valued at about $25,000. Similarly, Money Concepts Capital Corp took a new stake worth approximately $30,000 in the fourth quarter. Other notable purchases include those by Guided Capital Wealth Management LLC and Olympiad Research LP, both also acquiring shares around the same value. Currently, 20.59% of Bitfarms stock is held by institutional investors.

Company Overview

Bitfarms Ltd. focuses on mining cryptocurrency, including Bitcoin, across various countries such as Canada, the United States, Paraguay, and Argentina. The company operates server farms that validate transactions on the Bitcoin blockchain, earning cryptocurrency through block rewards and transaction fees. Additionally, Bitfarms provides electrical services for both commercial and residential clients in Quebec.

Bitfarms, Investing, Stocks