In a report released today, Joe Flynn from Compass Point initiated coverage with a Buy rating on Bitfarms and a price target of $7.00. The company’s shares closed yesterday at $5.39.
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Flynn covers the Financial sector, focusing on stocks such as Riot Platforms, Bitfarms, and Cipher Mining. According to TipRanks, Flynn has an average return of 94.9% and a 77.97% success rate on recommended stocks.
Currently, the analyst consensus on Bitfarms is a Strong Buy with an average price target of $4.63, a -14.10% downside from current levels. In a report released yesterday, Northland Securities also maintained a Buy rating on the stock with a $7.00 price target.
BITF market cap is currently $2.31B and has a P/E ratio of -31.03.
Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BITF in relation to earlier this year.
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