Olympiad Research LP Makes New $36,000 Investment in Bitfarms Ltd. (NASDAQ:BITF)

Olympiad Research LP purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 24,156 shares of the company’s stock, valued at approximately $36,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Van ECK Associates Corp grew its holdings in Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after buying an additional 6,477,985 shares in the last quarter. State Street Corp lifted its holdings in shares of 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 buying an additional 63,916 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after acquiring an additional 81,760 shares during the period. Weiss Asset Management LP grew its stake in 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 acquiring an additional 1,004,400 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in 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 acquiring an additional 99,919 shares during the period. 20.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective for the company. Keefe, Bruyette & Woods began coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Stifel Canada upgraded 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 given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Price Performance

Shares of Bitfarms stock opened at $1.24 on Tuesday. The stock has a market capitalization of $594.37 million, a price-to-earnings ratio of -3.44 and a beta of 3.64. The company has a fifty day moving average of $1.55 and a 200-day moving average of $1.90. Bitfarms Ltd. has a 52-week low of $1.23 and a 52-week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

About Bitfarms

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.