BIT Capital GmbH Sells 913,205 Shares of Bitfarms Ltd. $BITF

BIT Capital GmbH decreased its position in Bitfarms Ltd. (NASDAQ:BITF) by 21.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,435,844 shares of the company’s stock after selling 913,205 shares during the period. BIT Capital GmbH’s holdings in Bitfarms were worth $9,689,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Bitfarms by 108.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock worth $233,000 after purchasing an additional 144,593 shares during the period. Voya Investment Management LLC bought a new stake in Bitfarms during the 3rd quarter worth approximately $2,349,000. Thames Capital Management LLC bought a new position in Bitfarms in the third quarter valued at approximately $19,834,000. Chicago Partners Investment Group LLC acquired a new position in shares of Bitfarms in the second quarter valued at approximately $161,000. Finally, TD Asset Management Inc increased its position in shares of Bitfarms by 34.4% during the second quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock worth $446,000 after acquiring an additional 137,782 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Stock Up 1.0%

BITF stock opened at $2.08 on Friday. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $6.60. The business’s 50 day simple moving average is $2.50 and its 200 day simple moving average is $2.71. 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 firm has a market capitalization of $1.25 billion, a PE ratio of -9.04 and a beta of 3.81.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cantor Fitzgerald increased their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 target price (up previously from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Finally, Wall Street Zen downgraded Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.04.

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.