CIBC Asset Management Inc Makes New $1.13 Million Investment in Bitfarms Ltd. $BITF

CIBC Asset Management Inc purchased a new position in Bitfarms Ltd. (NASDAQ:BITF) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 478,903 shares of the company’s stock, valued at approximately $1,128,000.

A number of other large investors also recently modified their holdings of BITF. Western Wealth Management LLC raised its stake in shares of Bitfarms by 12.8% during the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after purchasing an additional 3,024 shares in the last quarter. Compagnie Lombard Odier SCmA increased its stake in Bitfarms by 3.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 180,200 shares of the company’s stock valued at $425,000 after buying an additional 5,200 shares during the period. Farther Finance Advisors LLC increased its stake in Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after buying an additional 6,510 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bitfarms by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock valued at $811,000 after buying an additional 9,713 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Bitfarms by 36.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock worth $111,000 after buying an additional 10,619 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reduced their price target on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.14.

Bitfarms Stock Down 13.5%

Shares of BITF stock opened at $5.13 on Tuesday. Bitfarms Ltd. has a 1 year low of $0.70 and a 1 year high of $6.60. The stock has a market cap of $3.09 billion, a PE ratio of -22.30 and a beta of 3.77. The business’s fifty day moving average is $3.61 and its 200-day moving average is $2.89. 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 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.