Tidal Investments LLC Reduces Position in Bitfarms Ltd. (NASDAQ:BITF)

Tidal Investments LLC lowered its stake in Bitfarms Ltd. (NASDAQ:BITF) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,225,553 shares of the company’s stock after selling 391,875 shares during the quarter. Tidal Investments LLC owned about 1.37% of Bitfarms worth $13,136,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in Bitfarms during the 2nd quarter worth approximately $4,016,000. Van ECK Associates Corp boosted its stake in shares of Bitfarms by 37.4% in the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after acquiring an additional 1,404,895 shares during the period. Weiss Asset Management LP grew its position in shares of Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. Cetera Investment Advisers bought a new position in Bitfarms in the 1st quarter worth approximately $1,558,000. Finally, K2 Principal Fund L.P. purchased a new stake in Bitfarms during the 2nd quarter valued at approximately $816,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Trading Down 2.4 %

BITF opened at $2.02 on Friday. Bitfarms Ltd. has a 12 month low of $1.52 and a 12 month high of $3.91. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average of $2.07 and a 200 day moving average of $2.27.

Bitfarms Company Profile

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.