Bitfarms Ltd. $BITF Shares Acquired by Galaxy Digital Capital Management GP LLC

Galaxy Digital Capital Management GP LLC grew its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 114.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,072,979 shares of the company’s stock after buying an additional 1,643,351 shares during the period. Bitfarms comprises 6.3% of Galaxy Digital Capital Management GP LLC’s portfolio, making the stock its 3rd largest position. Galaxy Digital Capital Management GP LLC’s holdings in Bitfarms were worth $5,992,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in Bitfarms by 12.8% during the first quarter. Renaissance Technologies LLC now owns 7,767,131 shares of the company’s stock valued at $15,146,000 after purchasing an additional 882,700 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Bitfarms by 3.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 277,552 shares of the company’s stock valued at $543,000 after buying an additional 10,205 shares during the last quarter. Dickmeyer Boyce Financial Management Inc. acquired a new stake in Bitfarms during the first quarter worth about $60,000. Cetera Investment Advisers lifted its holdings in Bitfarms by 0.4% in the first quarter. Cetera Investment Advisers now owns 877,307 shares of the company’s stock worth $1,711,000 after acquiring an additional 3,265 shares during the last quarter. Finally, CI Investments Inc. lifted its holdings in Bitfarms by 16.5% in the first quarter. CI Investments Inc. now owns 50,996 shares of the company’s stock worth $99,000 after acquiring an additional 7,235 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Up 2.6%

BITF stock opened at $4.81 on Friday. The stock has a market cap of $2.90 billion, a PE ratio of -20.91 and a beta of 3.77. The firm’s 50-day simple moving average is $5.21 and its 200 day simple moving average is $3.49. Bitfarms Ltd. has a fifty-two week low of $0.70 and a fifty-two 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.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright lowered their target price on Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and an average target price of $4.67.

About Bitfarms

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.