Bitfarms Ltd. $BITF Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. reduced its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 62.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,095 shares of the company’s stock after selling 180,471 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bitfarms were worth $278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BITF. Geode Capital Management LLC increased its stake in Bitfarms by 3.8% during the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock worth $2,860,000 after acquiring an additional 125,156 shares during the last quarter. Creative Planning boosted its holdings in Bitfarms by 54.0% in the second quarter. Creative Planning now owns 85,580 shares of the company’s stock valued at $72,000 after purchasing an additional 30,000 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Bitfarms by 1.4% during the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after buying an additional 10,622 shares during the last quarter. Legal & General Group Plc lifted its holdings in Bitfarms by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 370,869 shares of the company’s stock worth $309,000 after buying an additional 14,513 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock worth $11,120,000 after buying an additional 3,806,810 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BITF shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. HC Wainwright lowered their target price on Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $4.14.

Bitfarms Stock Performance

BITF opened at $4.07 on Thursday. The firm has a market cap of $2.45 billion, a PE ratio of -17.70 and a beta of 3.77. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $2.58 and a 200-day simple moving average of $2.71. Bitfarms Ltd. has a fifty-two week low of $0.70 and a fifty-two week high of $6.60.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.