Bitfarms Ltd. (NASDAQ:BITF) Shares Purchased by Independent Advisor Alliance

Independent Advisor Alliance lifted its stake in Bitfarms Ltd. (NASDAQ:BITF) by 116.3% in the 4th quarter, Holdings Channel reports. The firm owned 93,000 shares of the company’s stock after purchasing an additional 50,000 shares during the quarter. Independent Advisor Alliance’s holdings in Bitfarms were worth $271,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. purchased a new position in Bitfarms during the 3rd quarter valued at about $188,000. Van ECK Associates Corp increased its holdings in Bitfarms by 18.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock valued at $3,831,000 after acquiring an additional 561,342 shares in the last quarter. Invesco Ltd. increased its holdings in Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after acquiring an additional 3,667,681 shares in the last quarter. Quadrature Capital Ltd increased its holdings in Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after acquiring an additional 902,708 shares in the last quarter. Finally, Insigneo Advisory Services LLC purchased a new position in Bitfarms during the 3rd quarter valued at about $90,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of recent research reports. Northland Securities initiated coverage on shares of Bitfarms in a report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. B. Riley lowered their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a report on Friday, May 17th. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $4.00.

Bitfarms Price Performance

Bitfarms stock opened at $2.04 on Thursday. Bitfarms Ltd. has a 1 year low of $0.92 and a 1 year high of $3.91. The firm has a 50 day moving average price of $1.99 and a 200 day moving average price of $2.24. The company has a market cap of $799.27 million, a price-to-earnings ratio of -5.37 and a beta of 3.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 3.02.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The firm had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. Sell-side analysts predict that Bitfarms Ltd. will post -0.14 earnings per share for the current year.

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.