Alight Capital Management LP Buys 400,000 Shares of Bitfarms Ltd. $BITF

Alight Capital Management LP grew its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF) by 100.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 800,000 shares of the company’s stock after acquiring an additional 400,000 shares during the quarter. Alight Capital Management LP’s holdings in Bitfarms were worth $1,880,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC acquired a new position in Bitfarms during the 4th quarter valued at about $212,000. Cetera Investment Advisers raised its holdings in shares of Bitfarms by 17.7% in the 4th quarter. Cetera Investment Advisers now owns 874,042 shares of the company’s stock worth $2,054,000 after purchasing an additional 131,607 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Bitfarms in the 4th quarter worth approximately $1,590,000. Equitable Holdings Inc. purchased a new position in shares of Bitfarms in the fourth quarter valued at $27,000. Finally, Susquehanna Advisors Group Inc. purchased a new position in shares of Bitfarms in the fourth quarter valued at $100,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, HC Wainwright cut their target price 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 equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.14.

Bitfarms Trading Up 5.3%

NASDAQ:BITF opened at $5.96 on Thursday. Bitfarms Ltd. has a 52 week low of $0.70 and a 52 week high of $6.60. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The company’s 50 day moving average price is $4.12 and its 200-day moving average price is $3.03. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -25.91 and a beta of 3.77.

Bitfarms Profile

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.