Financial Advocates Investment Management Sells 5,000 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Financial Advocates Investment Management lowered its position in Bitfarms Ltd. (NASDAQ:BITF) by 24.5% during the 4th quarter, Holdings Channel reports. The fund owned 15,380 shares of the company’s stock after selling 5,000 shares during the period. Financial Advocates Investment Management’s holdings in Bitfarms were worth $45,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after acquiring an additional 3,667,681 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after purchasing an additional 599,506 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares during the last quarter. Quadrature Capital Ltd raised its stake in shares of Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Bitfarms in the fourth quarter worth approximately $804,000. Institutional investors own 20.59% of the company’s stock.

Analysts Set New Price Targets

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

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $2.04 on Thursday. The stock has a fifty day simple moving average of $1.99 and a two-hundred day simple moving average of $2.24. Bitfarms Ltd. has a 1-year low of $0.92 and a 1-year high of $3.91. The firm 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 current ratio of 3.02, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The business had revenue of $46.24 million during the quarter, compared to analyst estimates of $39.68 million. During the same period in the prior year, the company earned ($0.07) earnings per share. Analysts anticipate 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.