Fintel reports that on December 4, 2024, Alliance Global Partners initiated coverage of Bitfarms (NasdaqGM:BITF) with a Buy recommendation.
Analyst Price Forecast Suggests 96.05% Upside
As of December 3, 2024, the average one-year price target for Bitfarms is $4.19/share. The forecasts range from a low of $2.28 to a high of $5.46. The average price target represents an increase of 96.05% from its latest reported closing price of $2.14 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Bitfarms is 70MM, a decrease of 61.91%. The projected annual non-GAAP EPS is -0.10.
What is the Fund Sentiment?
There are 187 funds or institutions reporting positions in Bitfarms. This is an increase of 7 owner(s) or 3.89% in the last quarter. Average portfolio weight of all funds dedicated to BITF is 0.22%, an increase of 19.65%. Total shares owned by institutions decreased in the last three months by 7.74% to 92,561K shares. 
The put/call ratio of BITF is 0.10, indicating a bullish outlook.
What are Other Shareholders Doing?
Invesco holds 12,216K shares representing 2.59% ownership of the company. In its prior filing, the firm reported owning 19,712K shares , representing a decrease of 61.36%. The firm decreased its portfolio allocation in BITF by 96.01% over the last quarter.
Toroso Investments holds 6,226K shares representing 1.32% ownership of the company. In its prior filing, the firm reported owning 6,617K shares , representing a decrease of 6.29%. The firm decreased its portfolio allocation in BITF by 39.24% over the last quarter.
BLOK - Amplify Transformational Data Sharing ETF holds 6,157K shares representing 1.30% ownership of the company. In its prior filing, the firm reported owning 6,578K shares , representing a decrease of 6.85%. The firm decreased its portfolio allocation in BITF by 22.40% over the last quarter.
Van Eck Associates holds 6,076K shares representing 1.29% ownership of the company. In its prior filing, the firm reported owning 5,164K shares , representing an increase of 15.01%. The firm decreased its portfolio allocation in BITF by 28.72% over the last quarter.
KOMP - SPDR S&P Kensho New Economies Composite ETF holds 4,918K shares representing 1.04% ownership of the company. In its prior filing, the firm reported owning 4,850K shares , representing an increase of 1.37%. The firm decreased its portfolio allocation in BITF by 22.94% over the last quarter.
Bitfarms Background Information
(This description is provided by the company.)
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company- owned electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V. Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
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