Shariaportfolio Inc. Sells 15,017 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Shariaportfolio Inc. trimmed its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 42.6% in the 4th quarter, HoldingsChannel reports. The firm owned 20,200 shares of the company’s stock after selling 15,017 shares during the quarter. Bitfarms makes up approximately 0.0% of Shariaportfolio Inc.’s portfolio, making the stock its 26th largest holding. Shariaportfolio Inc.’s holdings in Bitfarms were worth $30,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter valued at approximately $25,000. Money Concepts Capital Corp bought a new position in shares of Bitfarms during the 4th quarter valued at approximately $30,000. Guided Capital Wealth Management LLC bought a new position in shares of Bitfarms during the 4th quarter valued at approximately $30,000. Olympiad Research LP bought a new position in shares of Bitfarms during the 4th quarter valued at approximately $36,000. Finally, Lifeworks Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter valued at approximately $37,000. 20.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BITF has been the subject of a number of research reports. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Finally, 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. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Performance

NASDAQ:BITF opened at $1.32 on Monday. The stock’s fifty day moving average is $1.57 and its 200 day moving average is $1.91. Bitfarms Ltd. has a fifty-two week low of $1.28 and a fifty-two week high of $3.91. The firm has a market capitalization of $632.72 million, a PE ratio of -3.67 and a beta of 3.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

About Bitfarms

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.