Bitfarms Ltd. (NASDAQ:BITF) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned an average rating of “Moderate Buy” from the eight research firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $4.14.

Separately, HC Wainwright decreased their target price on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. J. Derek Lewis & Associates Inc. grew its position in Bitfarms by 34.1% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 20,428 shares of the company’s stock worth $40,000 after purchasing an additional 5,190 shares during the last quarter. Situational Awareness LP grew its position in Bitfarms by 188.2% in the 1st quarter. Situational Awareness LP now owns 19,875,840 shares of the company’s stock worth $38,758,000 after purchasing an additional 12,978,740 shares during the last quarter. Monarch Alternative Capital LP bought a new position in Bitfarms in the 1st quarter worth about $13,942,000. SummitTX Capital L.P. grew its position in Bitfarms by 144.8% in the 1st quarter. SummitTX Capital L.P. now owns 35,719 shares of the company’s stock worth $70,000 after purchasing an additional 21,128 shares during the last quarter. Finally, Galaxy Digital Capital Management GP LLC grew its position in Bitfarms by 114.9% in the 1st quarter. Galaxy Digital Capital Management GP LLC now owns 3,072,979 shares of the company’s stock worth $5,992,000 after purchasing an additional 1,643,351 shares during the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

BITF opened at $5.42 on Thursday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -23.57 and a beta of 3.77. Bitfarms has a fifty-two week low of $0.70 and a fifty-two week high of $6.60. The company’s 50-day moving average price is $3.76 and its 200 day moving average price is $2.94. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

About Bitfarms

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.