Pictet Asset Management Holding SA Cuts Stock Position in Bitfarms Ltd. $BITF

Pictet Asset Management Holding SA lessened its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 50.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,393 shares of the company’s stock after selling 114,524 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Bitfarms were worth $216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BITF. Farther Finance Advisors LLC boosted its holdings in shares of Bitfarms by 144.7% in the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after buying an additional 6,510 shares during the last quarter. Equitable Holdings Inc. purchased a new stake in Bitfarms during the fourth quarter worth about $27,000. State of Wisconsin Investment Board bought a new stake in Bitfarms in the fourth quarter worth about $32,000. US Bancorp DE bought a new stake in Bitfarms in the third quarter worth about $34,000. Finally, SummitTX Capital L.P. purchased a new position in Bitfarms in the fourth quarter valued at about $34,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Trading Down 3.9%

Shares of BITF stock opened at $4.65 on Monday. The company’s fifty day simple moving average is $5.10 and its two-hundred day simple moving average is $3.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. Bitfarms Ltd. has a 1 year low of $0.70 and a 1 year high of $6.60. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -20.22 and a beta of 3.77.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reduced their target price on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Six 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.14.

Bitfarms Profile

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.