Bitfarms Ltd. (NASDAQ:BITF) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC increased its position in Bitfarms Ltd. (NASDAQ:BITF) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,879,454 shares of the company’s stock after acquiring an additional 81,760 shares during the period. Geode Capital Management LLC owned approximately 0.42% of Bitfarms worth $3,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BITF. HighTower Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth about $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms in the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd purchased a new position in Bitfarms during the 2nd quarter worth approximately $38,000. Chesapeake Capital Corp IL lifted its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC purchased a new stake in shares of Bitfarms in the 3rd quarter valued at $63,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Analyst Ratings Changes

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

Bitfarms Trading Up 6.8 %

BITF stock opened at $1.72 on Monday. Bitfarms Ltd. has a 52-week low of $1.48 and a 52-week high of $3.91. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The firm has a market cap of $779.05 million, a P/E ratio of -4.78 and a beta of 3.59. The company’s 50-day simple moving average is $2.00 and its 200-day simple moving average is $2.18.

Bitfarms Profile

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.