State Street Corp Purchases 63,916 Shares of Bitfarms Ltd. (NASDAQ:BITF)

State Street Corp raised its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,917,729 shares of the company’s stock after buying an additional 63,916 shares during the quarter. State Street Corp owned about 1.09% of Bitfarms worth $10,376,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Van ECK Associates Corp boosted its stake in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after buying an additional 911,952 shares during the period. Marshall Wace LLP bought a new stake in shares of Bitfarms in the 2nd quarter worth about $4,016,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Bitfarms by 9.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock worth $2,388,000 after purchasing an additional 99,919 shares during the period. Cetera Investment Advisers grew its holdings in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the last quarter. Finally, TD Asset Management Inc raised its position in Bitfarms by 70.0% in the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock worth $886,000 after purchasing an additional 141,424 shares during the period. Institutional investors own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

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

Bitfarms Stock Performance

BITF stock opened at $1.66 on Friday. Bitfarms Ltd. has a 1-year low of $1.52 and a 1-year high of $3.91. The business has a 50-day moving average price of $2.05 and a 200 day moving average price of $2.23. The company has a market capitalization of $751.87 million, a P/E ratio of -4.61 and a beta of 3.59. 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 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.