Wellington Management Group LLP Decreases Stock Position in Bitfarms Ltd. (NASDAQ:BITF)

Wellington Management Group LLP trimmed its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 11.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,677 shares of the company’s stock after selling 14,555 shares during the quarter. Wellington Management Group LLP’s holdings in Bitfarms were worth $233,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Van ECK Associates Corp lifted its holdings in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after acquiring an additional 911,952 shares during the last quarter. State Street Corp lifted its stake in Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after purchasing an additional 63,916 shares during the last quarter. Weiss Asset Management LP boosted its position in shares of 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 during the period. Marshall Wace LLP bought a new position in shares of Bitfarms during the second quarter valued at approximately $4,016,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bitfarms by 9.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock worth $2,388,000 after buying an additional 99,919 shares during the period. Institutional investors own 20.59% of the company’s stock.

Analysts Set New Price Targets

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

Bitfarms Stock Down 0.6 %

NASDAQ:BITF opened at $1.68 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. Bitfarms Ltd. has a 1-year low of $1.52 and a 1-year high of $3.91. The company has a 50-day moving average of $2.07 and a 200 day moving average of $2.25. The firm has a market cap of $760.93 million, a PE ratio of -4.67 and a beta of 3.59.

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.