Van ECK Associates Corp Boosts Stock Position in Bitfarms Ltd. (NASDAQ:BITF)

Van ECK Associates Corp lifted its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 106.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,553,729 shares of the company’s stock after buying an additional 6,477,985 shares during the quarter. Van ECK Associates Corp’s holdings in Bitfarms were worth $18,705,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Weiss Asset Management LP raised its stake in Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares in the last quarter. Baader Bank Aktiengesellschaft raised its position in shares of Bitfarms by 245.8% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock valued at $1,043,000 after acquiring an additional 497,789 shares in the last quarter. Paloma Partners Management Co bought a new position in Bitfarms during the third quarter worth $528,000. XTX Topco Ltd acquired a new position in Bitfarms in the third quarter worth $254,000. Finally, 272 Capital LP bought a new stake in Bitfarms during the third quarter valued at $222,000. Institutional investors own 20.59% of the company’s stock.

Analyst Ratings Changes

BITF has been the subject of several research reports. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Finally, Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Trading Up 1.4 %

Shares of BITF stock opened at $1.42 on Friday. Bitfarms Ltd. has a 1 year low of $1.28 and a 1 year high of $3.91. The firm has a market capitalization of $643.16 million, a PE ratio of -3.94 and a beta of 3.64. The stock has a fifty day moving average of $1.63 and a two-hundred day moving average of $1.94. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Bitfarms 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.