UBS Group AG Trims Stock Position in Bitfarms Ltd. $BITF

UBS Group AG cut its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 43.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,682,439 shares of the company’s stock after selling 1,308,816 shares during the period. UBS Group AG owned approximately 0.28% of Bitfarms worth $3,954,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Invesco Ltd. increased its position in shares of Bitfarms by 8.6% during the third quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after acquiring an additional 1,138,549 shares during the last quarter. Vident Advisory LLC increased its position in shares of Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Bitfarms by 36.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock valued at $19,941,000 after acquiring an additional 1,898,490 shares during the last quarter. Aurelius Capital Management LP acquired a new stake in shares of Bitfarms during the third quarter valued at about $18,999,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Bitfarms during the third quarter valued at about $12,381,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Trading Up 3.7%

Shares of BITF stock opened at $4.81 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The stock has a market capitalization of $2.90 billion, a P/E ratio of -20.91 and a beta of 3.77. The company has a 50 day moving average price of $2.89 and a 200 day moving average price of $2.73. Bitfarms Ltd. has a fifty-two week low of $0.70 and a fifty-two week high of $6.60.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BITF. HC Wainwright dropped their price target on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.14.

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.