Pictet Asset Management Holding SA Boosts Holdings in Bitfarms Ltd. $BITF

Pictet Asset Management Holding SA grew its stake in Bitfarms Ltd. (NASDAQ:BITF) by 206.5% during the 4th quarter, Holdings Channel reports. The firm owned 224,917 shares of the company’s stock after purchasing an additional 151,544 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Bitfarms were worth $530,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Bitfarms by 3.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock valued at $2,860,000 after buying an additional 125,156 shares in the last quarter. Creative Planning raised its holdings in shares of Bitfarms by 54.0% during the second quarter. Creative Planning now owns 85,580 shares of the company’s stock valued at $72,000 after acquiring an additional 30,000 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Bitfarms by 1.4% during the second quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock valued at $664,000 after acquiring an additional 10,622 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Bitfarms by 4.1% in the second quarter. Legal & General Group Plc now owns 370,869 shares of the company’s stock valued at $309,000 after acquiring an additional 14,513 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Bitfarms by 40.4% in the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock valued at $11,120,000 after acquiring an additional 3,806,810 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Bitfarms stock opened at $4.01 on Friday. The company’s 50 day simple moving average is $2.43 and its 200-day simple moving average is $2.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. Bitfarms Ltd. has a 1 year low of $0.70 and a 1 year high of $6.60. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -17.43 and a beta of 3.77.

Analysts Set New Price Targets

Several brokerages recently commented on BITF. HC Wainwright dropped their price target on Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.14.

Bitfarms Company 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.