K2 Principal Fund L.P. cut its stake in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 90.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,745 shares of the company's stock after selling 286,580 shares during the quarter. K2 Principal Fund L.P.'s holdings in Bitfarms were worth $65,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently made changes to their positions in BITF. HighTower Advisors LLC purchased a new position in Bitfarms in the third quarter worth about $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth approximately $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter valued at approximately $38,000. Chesapeake Capital Corp IL increased its holdings in Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after buying an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new position in Bitfarms in the third quarter worth approximately $63,000. 20.59% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Stifel Canada raised shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 22nd. HC Wainwright restated a "buy" rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday. They set a "buy" rating and a $6.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Bitfarms currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.05.
View Our Latest Report on BITF
Bitfarms Price Performance
Shares of Bitfarms stock traded up $0.21 on Friday, hitting $2.29. 67,831,984 shares of the company traded hands, compared to its average volume of 49,158,652. Bitfarms Ltd. has a 52 week low of $1.52 and a 52 week high of $3.91. The business has a 50-day simple moving average of $2.06 and a 200 day simple moving average of $2.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a market capitalization of $1.04 billion, a P/E ratio of -6.36 and a beta of 3.59.
Bitfarms Profile
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Free Report)
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.
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