Alberta Investment Management Corp Purchases Shares of 145,000 Bitfarms Ltd. (NASDAQ:BITF)

Alberta Investment Management Corp purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 145,000 shares of the company’s stock, valued at approximately $215,000.

Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new position in Bitfarms in the third quarter valued at approximately $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms in the third quarter valued at approximately $37,000. Money Concepts Capital Corp acquired a new position in Bitfarms in the fourth quarter valued at approximately $30,000. Guided Capital Wealth Management LLC acquired a new position in Bitfarms in the fourth quarter valued at approximately $30,000. Finally, Chesapeake Capital Corp IL lifted its stake in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Trading Down 5.0 %

NASDAQ BITF opened at $1.32 on Friday. The firm has a market capitalization of $632.72 million, a P/E ratio of -3.67 and a beta of 3.64. The business has a fifty day simple moving average of $1.57 and a 200 day simple moving average of $1.91. Bitfarms Ltd. has a 12 month low of $1.28 and a 12 month high of $3.91. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Bitfarms 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.