Azora Capital LP Takes $11.55 Million Position in Bitfarms Ltd. $BITF

Azora Capital LP bought a new position in Bitfarms Ltd. (NASDAQ:BITF) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,094,118 shares of the company’s stock, valued at approximately $11,545,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BITF. Bank of America Corp DE raised its position in Bitfarms by 190.6% during the third quarter. Bank of America Corp DE now owns 418,399 shares of the company’s stock valued at $1,180,000 after acquiring an additional 274,421 shares in the last quarter. Alight Capital Management LP purchased a new stake in Bitfarms in the 3rd quarter worth approximately $1,128,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bitfarms by 60.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 110,303 shares of the company’s stock worth $312,000 after purchasing an additional 41,343 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Bitfarms during the 3rd quarter worth approximately $12,381,000. Finally, Marshall Wace LLP acquired a new stake in shares of Bitfarms during the 3rd quarter worth approximately $5,338,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BITF has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Finally, Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.04.

Bitfarms Stock Up 0.9%

Shares of BITF opened at $2.24 on Friday. The firm has a market cap of $1.35 billion, a P/E ratio of -9.74 and a beta of 3.81. Bitfarms Ltd. has a 12 month low of $0.67 and a 12 month high of $6.60. The stock’s 50 day moving average is $2.40 and its two-hundred day moving average is $2.82. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

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.