272 Capital LP Buys Shares of 105,055 Bitfarms Ltd. (NASDAQ:BITF)

272 Capital LP purchased a new position in shares of Bitfarms Ltd. (NASDAQ:BITF) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 105,055 shares of the company’s stock, valued at approximately $222,000.

Other hedge funds also recently modified their holdings of the company. Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC increased 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 during the period. HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter worth about $25,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the second quarter valued at about $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Bitfarms by 22.2% in the third 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 during the period. 20.59% of the stock is owned by institutional investors.

Bitfarms Price Performance

Shares of BITF stock opened at $1.99 on Friday. 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’s fifty day simple moving average is $2.07 and its 200 day simple moving average is $2.27. Bitfarms Ltd. has a one year low of $1.52 and a one year high of $3.91. The firm has a market cap of $901.33 million, a price-to-earnings ratio of -5.61 and a beta of 3.59.

Analysts Set New Price Targets

BITF has been the subject of several recent research reports. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $4.05.

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.