Pinpoint Asset Management Singapore Pte. Ltd. Acquires Shares of 145,018 Bitfarms Ltd. $BITF

Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Bitfarms Ltd. (NASDAQ:BITF) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 145,018 shares of the company’s stock, valued at approximately $341,000.

Several other large investors also recently added to or reduced their stakes in the stock. Summit Financial LLC boosted its position in Bitfarms by 39.0% in the 4th quarter. Summit Financial LLC now owns 42,410 shares of the company’s stock valued at $100,000 after buying an additional 11,910 shares during the period. Renaissance Technologies LLC purchased a new stake in Bitfarms in the 4th quarter valued at about $16,178,000. Dimensional Fund Advisors LP boosted its position in Bitfarms by 688.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,156,476 shares of the company’s stock valued at $7,419,000 after buying an additional 2,756,236 shares during the period. Marex Group plc purchased a new stake in Bitfarms in the 4th quarter valued at about $1,819,000. Finally, Deutsche Bank AG boosted its position in Bitfarms by 173.2% in the 4th quarter. Deutsche Bank AG now owns 42,450 shares of the company’s stock valued at $100,000 after buying an additional 26,910 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Price Performance

Bitfarms stock opened at $5.52 on Friday. Bitfarms Ltd. has a 1 year low of $0.70 and a 1 year high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -24.00 and a beta of 3.77. The firm has a 50-day moving average of $3.89 and a two-hundred day moving average of $2.97.

Analyst Ratings Changes

Separately, HC Wainwright lowered their price objective on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Six investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.14.

About Bitfarms

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.