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

Key Points

• Azora Capital LP established a new position in Bitfarms (NASDAQ:BITF), buying 4,094,118 shares in Q3 worth about $11.55 million, roughly 0.73% of the company.
• Analysts have a consensus rating of "Moderate Buy" on BITF with an average price target of $4.04, though recent notes include a downgrade to "sell" from Wall Street Zen and a $3 target from Keefe, Bruyette & Woods.
• BITF opened at $2.24 with a market cap of $1.35 billion and a 1‑year range of $0.67–$6.60, while institutional investors and hedge funds own about 20.59% of the stock.

Azora Capital LP acquired a new position in Bitfarms Ltd. (NASDAQ:BITF - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,094,118 shares of the company's stock, valued at approximately $11,545,000. Azora Capital LP owned approximately 0.73% of Bitfarms at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in BITF. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Bitfarms by 108.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company's stock valued at $233,000 after buying an additional 144,593 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in Bitfarms by 25.8% in the second quarter. SBI Securities Co. Ltd. now owns 186,814 shares of the company's stock worth $157,000 after acquiring an additional 38,358 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Bitfarms by 3.8% during the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock worth $2,860,000 after acquiring an additional 125,156 shares during the last quarter. Creative Planning increased its holdings in shares of Bitfarms by 54.0% during the second quarter. Creative Planning now owns 85,580 shares of the company's stock valued at $72,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Bitfarms by 1.4% during the second quarter. Cetera Investment Advisers now owns 789,700 shares of the company's stock valued at $664,000 after acquiring an additional 10,622 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wall Street Zen cut shares of Bitfarms from a "hold" rating to a "sell" rating in a research note on Saturday, November 15th. 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 note on Tuesday, January 27th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Bitfarms currently has a consensus rating of "Moderate Buy" and an average price target of $4.04.

Bitfarms Stock Up 0.9%

NASDAQ:BITF opened at $2.24 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The company's fifty day moving average price is $2.40 and its 200-day moving average price is $2.82. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $6.60. The firm has a market capitalization of $1.35 billion, a P/E ratio of -9.74 and a beta of 3.81.

Bitfarms Company 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.

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