Pinpoint Asset Management Singapore Pte. Ltd. Invests $341,000 in Bitfarms Ltd. $BITF

Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Bitfarms Ltd. (NASDAQ:BITF) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 145,018 shares of the company’s stock, valued at approximately $341,000.

A number of other large investors have also recently made changes to their positions in BITF. Situational Awareness LP bought a new stake in shares of Bitfarms in the 4th quarter worth about $16,208,000. Renaissance Technologies LLC purchased a new position in shares of Bitfarms during the 4th quarter worth about $16,178,000. Aurelius Capital Management LP purchased a new position in shares of Bitfarms during the 3rd quarter worth about $18,999,000. Vident Advisory LLC boosted its stake in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after purchasing an additional 4,677,425 shares during the period. Finally, TD Asset Management Inc boosted its stake in shares of Bitfarms by 763.8% during the 4th quarter. TD Asset Management Inc now owns 4,981,025 shares of the company’s stock worth $11,737,000 after purchasing an additional 4,404,402 shares during the period. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Price Performance

BITF stock opened at $5.52 on Friday. Bitfarms Ltd. has a 12 month low of $0.70 and a 12 month high of $6.60. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $3.89 and a 200 day moving average price of $2.97. The stock has a market cap of $3.33 billion, a PE ratio of -24.00 and a beta of 3.77.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their price target on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Six investment 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. According to MarketBeat.com, Bitfarms currently has a consensus rating of “Moderate Buy” and an average target price 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.