Van ECK Associates Corp Has $18.71 Million Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Van ECK Associates Corp raised its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 106.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,553,729 shares of the company's stock after buying an additional 6,477,985 shares during the quarter. Van ECK Associates Corp owned 2.77% of Bitfarms worth $18,705,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Chesapeake Capital Corp IL grew its holdings in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock worth $50,000 after purchasing an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC grew its holdings in shares of Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after purchasing an additional 5,000 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Bitfarms in the 3rd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company's stock valued at $176,000 after buying an additional 15,167 shares in the last quarter. Finally, Lifeworks Advisors LLC acquired a new stake in Bitfarms in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 20.59% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on BITF. Alliance Global Partners began coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price target on the stock. Keefe, Bruyette & Woods began coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. Stifel Canada raised Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $4.05.

Bitfarms Trading Up 0.7 %

Shares of BITF stock traded up $0.01 on Wednesday, reaching $1.41. 24,200,196 shares of the stock were exchanged, compared to its average volume of 41,746,512. The stock has a market cap of $675.86 million, a PE ratio of -3.92 and a beta of 3.64. Bitfarms Ltd. has a one year low of $1.28 and a one year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The stock has a 50 day moving average price of $1.60 and a 200 day moving average price of $1.92.

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.