Anson Funds Management LP Sells 957,775 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Anson Funds Management LP reduced its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 66.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 481,002 shares of the company's stock after selling 957,775 shares during the period. Anson Funds Management LP owned 0.11% of Bitfarms worth $1,015,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its stake in Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock valued at $11,969,000 after buying an additional 911,952 shares during the last quarter. State Street Corp grew its position in shares of Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after acquiring an additional 63,916 shares during the period. Weiss Asset Management LP grew its position in shares of Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after acquiring an additional 1,004,400 shares during the period. Marshall Wace LLP bought a new position in shares of Bitfarms in the 2nd quarter valued at about $4,016,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bitfarms by 9.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company's stock valued at $2,388,000 after acquiring an additional 99,919 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Stock Performance

Shares of BITF traded up $0.21 during midday trading on Friday, reaching $2.29. 67,831,984 shares of the stock were exchanged, compared to its average volume of 49,158,652. The stock's 50 day simple moving average is $2.06 and its 200 day simple moving average is $2.27. Bitfarms Ltd. has a twelve month low of $1.52 and a twelve month high of $3.91. The company has a market cap of $1.04 billion, a P/E ratio of -6.36 and a beta of 3.59. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

BITF has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. HC Wainwright reissued a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday. They set a "buy" rating and a $6.00 target price for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $4.05.

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.