SRN Advisors LLC Takes $1.19 Million Position in Bitfarms Ltd. (NASDAQ:BITF)

SRN Advisors LLC acquired a new position in Bitfarms Ltd. (NASDAQ:BITF) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 800,000 shares of the company’s stock, valued at approximately $1,192,000. SRN Advisors LLC owned 0.18% of Bitfarms as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the third quarter valued at $25,000. Money Concepts Capital Corp purchased a new stake in Bitfarms in the 4th quarter worth about $30,000. Guided Capital Wealth Management LLC acquired a new stake in Bitfarms during the 4th quarter worth about $30,000. Olympiad Research LP purchased a new position in Bitfarms during the 4th quarter valued at about $36,000. Finally, Lifeworks Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Performance

Shares of NASDAQ:BITF opened at $1.13 on Thursday. Bitfarms Ltd. has a 1 year low of $1.09 and a 1 year high of $3.91. The firm has a fifty day moving average price of $1.52 and a 200 day moving average price of $1.89. The stock has a market capitalization of $541.65 million, a PE ratio of -3.14 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Analysts Set New Price Targets

Several analysts recently commented on BITF shares. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners assumed coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Company 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.