Geode Capital Management LLC Increases Stock Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Geode Capital Management LLC increased its stake in Bitfarms Ltd. (NASDAQ:BITF) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,879,454 shares of the company’s stock after acquiring an additional 81,760 shares during the quarter. Geode Capital Management LLC’s holdings in Bitfarms were worth $3,965,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bitfarms by 521.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock valued at $176,000 after purchasing an additional 57,383 shares during the period. TD Asset Management Inc lifted its stake in Bitfarms by 70.0% in the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after buying an additional 141,424 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in Bitfarms in the 2nd quarter worth about $38,000. Marshall Wace LLP purchased a new stake in Bitfarms during the 2nd quarter worth approximately $4,016,000. Finally, K2 Principal Fund L.P. acquired a new position in shares of Bitfarms during the second quarter valued at approximately $816,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Stock Performance

NASDAQ BITF opened at $1.72 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock’s fifty day moving average is $2.00 and its two-hundred day moving average is $2.18. The firm has a market capitalization of $779.05 million, a P/E ratio of -4.78 and a beta of 3.59. Bitfarms Ltd. has a fifty-two week low of $1.48 and a fifty-two week high of $3.91.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BITF. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Alliance Global Partners began coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Company 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.