Creek Drive Management Group LLC Purchases Shares of 850,000 Bitfarms Ltd. $BITF

Creek Drive Management Group LLC purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 850,000 shares of the company’s stock, valued at approximately $1,998,000. Bitfarms accounts for approximately 1.4% of Creek Drive Management Group LLC’s holdings, making the stock its 24th biggest holding. Creek Drive Management Group LLC owned 0.14% of Bitfarms at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in BITF. Azora Capital LP acquired a new position in Bitfarms in the 3rd quarter worth $11,545,000. Aurelius Capital Management LP bought a new position in Bitfarms during the 3rd quarter worth about $18,999,000. Arete Wealth Advisors LLC acquired a new stake in shares of Bitfarms in the 3rd quarter valued at about $1,030,000. Cliftonlarsonallen Wealth Advisors LLC acquired a new stake in shares of Bitfarms in the 4th quarter valued at about $588,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Bitfarms by 206.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 224,917 shares of the company’s stock valued at $530,000 after purchasing an additional 151,544 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

NASDAQ BITF opened at $6.29 on Friday. The firm’s 50 day moving average is $4.28 and its 200-day moving average is $3.07. 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 company has a market capitalization of $3.79 billion, a PE ratio of -27.35 and a beta of 3.77. Bitfarms Ltd. has a 12-month low of $0.70 and a 12-month high of $6.60.

Analysts Set New Price Targets

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

Bitfarms 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.