CIBC Asset Management Inc Takes Position in Bitfarms Ltd. $BITF

CIBC Asset Management Inc acquired a new stake in shares of Bitfarms Ltd. (NASDAQ:BITF) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 478,903 shares of the company’s stock, valued at approximately $1,128,000. CIBC Asset Management Inc owned about 0.08% of Bitfarms as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of BITF. Aurelius Capital Management LP acquired a new position in Bitfarms in the third quarter valued at approximately $18,999,000. Vident Advisory LLC raised its position in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after purchasing an additional 4,677,425 shares during the period. Two Sigma Investments LP bought a new stake in shares of Bitfarms in the 3rd quarter worth approximately $12,381,000. Azora Capital LP bought a new stake in shares of Bitfarms in the 3rd quarter worth approximately $11,545,000. Finally, Millennium Management LLC boosted its position in Bitfarms by 1,383.1% during the 3rd quarter. Millennium Management LLC now owns 4,082,126 shares of the company’s stock valued at $11,516,000 after purchasing an additional 3,806,882 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright lowered their price objective on Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $4.14.

Bitfarms Trading Down 13.5%

Bitfarms stock opened at $5.13 on Tuesday. Bitfarms Ltd. has a 52-week low of $0.70 and a 52-week high of $6.60. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -22.30 and a beta of 3.77. The firm has a 50-day moving average price of $3.61 and a two-hundred day moving average price of $2.89.

Bitfarms Company Profile

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.