Wellington Management Group LLP Reduces Position in Bitfarms Ltd. (NASDAQ:BITF)

Wellington Management Group LLP trimmed its stake in Bitfarms Ltd. (NASDAQ:BITF) by 11.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,677 shares of the company’s stock after selling 14,555 shares during the period. Wellington Management Group LLP’s holdings in Bitfarms were worth $233,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC bought a new position in shares of Bitfarms in the third quarter worth about $25,000. Lifeworks Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the 2nd quarter worth approximately $38,000. Chesapeake Capital Corp IL lifted its holdings in Bitfarms by 27.9% during 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. Finally, HBW Advisory Services LLC bought a new position in shares of Bitfarms in the third quarter worth approximately $63,000. 20.59% of the stock is owned by institutional investors.

Bitfarms Price Performance

Shares of Bitfarms stock opened at $1.68 on Friday. The firm has a market cap of $760.93 million, a PE ratio of -4.67 and a beta of 3.59. The stock has a 50 day moving average of $2.07 and a 200 day moving average of $2.25. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms Ltd. has a 12 month low of $1.52 and a 12 month high of $3.91.

Wall Street Analysts Forecast Growth

BITF has been the topic of several recent analyst reports. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.