Money Concepts Capital Corp Buys Shares of 20,000 Bitfarms Ltd. (NASDAQ:BITF)

Money Concepts Capital Corp bought a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,000 shares of the company’s stock, valued at approximately $30,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BITF. Cetera Investment Advisers grew its stake in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares in the last quarter. Gladstone Institutional Advisory LLC grew its stake in Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares in the last quarter. Van ECK Associates Corp grew its stake in Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares in the last quarter. Lifeworks Advisors LLC purchased a new position in Bitfarms in the third quarter valued at about $37,000. Finally, Chesapeake Capital Corp IL grew 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 purchasing an additional 4,800 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

NASDAQ BITF opened at $1.41 on Friday. Bitfarms Ltd. has a twelve month low of $1.31 and a twelve month 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. The stock has a market capitalization of $638.63 million, a PE ratio of -3.92 and a beta of 3.65. The stock has a 50-day simple moving average of $1.72 and a 200 day simple moving average of $2.00.

Analysts Set New Price Targets

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

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.