Sigma Planning Corp Cuts Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Sigma Planning Corp decreased its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 38.6% in the third quarter, Holdings Channel reports. The firm owned 27,800 shares of the company’s stock after selling 17,500 shares during the quarter. Sigma Planning Corp’s holdings in Bitfarms were worth $59,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of BITF. Gladstone Institutional Advisory LLC increased its holdings in Bitfarms by 3.2% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after buying an additional 5,000 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the 2nd quarter valued at about $38,000. Shell Asset Management Co. bought a new stake in shares of Bitfarms in the first quarter worth approximately $43,000. HBW Advisory Services LLC purchased a new position in shares of Bitfarms during the third quarter valued at approximately $63,000. Finally, Bayesian Capital Management LP lifted its position in Bitfarms by 116.3% during the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after purchasing an additional 34,200 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

Shares of NASDAQ BITF opened at $2.25 on Monday. Bitfarms Ltd. has a 12-month low of $1.01 and a 12-month high of $3.91. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -6.25 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 5.09 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $2.04 and a 200 day moving average of $2.24.

Analyst Upgrades and Downgrades

A number of research firms have commented on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Company 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.