Charles Schwab Investment Management Inc. Grows Position in Bitfarms Ltd. (NASDAQ:BITF)

Charles Schwab Investment Management Inc. lifted its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 9.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,131,851 shares of the company’s stock after buying an additional 99,919 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.25% of Bitfarms worth $2,388,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the 3rd quarter valued at about $37,000. WINTON GROUP Ltd purchased a new stake in Bitfarms during the 2nd quarter worth approximately $38,000. Chesapeake Capital Corp IL increased its holdings in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. HBW Advisory Services LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $63,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bitfarms by 521.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after acquiring an additional 57,383 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Performance

Bitfarms stock opened at $1.93 on Monday. The firm’s 50 day simple moving average is $2.06 and its 200-day simple moving average is $2.27. The company has a market cap of $874.16 million, a P/E ratio of -5.36 and a beta of 3.59. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. Bitfarms Ltd. has a fifty-two week low of $1.52 and a fifty-two week high of $3.91.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.