Bitfarms Ltd. $BITF Shares Bought by Galaxy Digital Capital Management GP LLC

Galaxy Digital Capital Management GP LLC increased its position in Bitfarms Ltd. (NASDAQ:BITF) by 114.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,072,979 shares of the company’s stock after acquiring an additional 1,643,351 shares during the period. Bitfarms makes up about 6.3% of Galaxy Digital Capital Management GP LLC’s investment portfolio, making the stock its 3rd biggest position. Galaxy Digital Capital Management GP LLC owned approximately 0.51% of Bitfarms worth $5,992,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Laidlaw Wealth Management LLC acquired a new position in Bitfarms during the first quarter worth about $25,000. Farther Finance Advisors LLC boosted its stake in Bitfarms by 144.7% in the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after buying an additional 6,510 shares during the last quarter. Equitable Holdings Inc. purchased a new stake in shares of Bitfarms during the 4th quarter valued at $27,000. Bank of New York Mellon Corp grew its position in Bitfarms by 39.5% during the first quarter. Bank of New York Mellon Corp now owns 14,659 shares of the company’s stock valued at $29,000 after acquiring an additional 4,154 shares during the period. Finally, State of Wisconsin Investment Board purchased a new position in shares of Bitfarms in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reduced their target price on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a report on Tuesday, March 31st. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.67.

Bitfarms Trading Up 2.6%

NASDAQ:BITF opened at $4.81 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. Bitfarms Ltd. has a one year low of $0.70 and a one year high of $6.60. The business’s 50-day simple moving average is $5.21 and its 200 day simple moving average is $3.49. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -20.91 and a beta of 3.77.

Bitfarms 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.