Gladstone Institutional Advisory LLC Increases Stake in Bitfarms Ltd. (NASDAQ:BITF)

Gladstone Institutional Advisory LLC grew its position in Bitfarms Ltd. (NASDAQ:BITF) by 45.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,634 shares of the company’s stock after acquiring an additional 37,654 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Bitfarms were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in BITF. Capital Performance Advisors LLP purchased a new position in Bitfarms in the 4th quarter worth about $29,000. Pasadena Private Wealth LLC purchased a new position in Bitfarms in the 4th quarter worth about $34,000. Sloy Dahl & Holst LLC purchased a new position in Bitfarms in the 4th quarter worth about $44,000. DMC Group LLC purchased a new position in Bitfarms in the 4th quarter worth about $47,000. Finally, Evanson Asset Management LLC bought a new position in Bitfarms during the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

BITF has been the topic of several 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 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Finally, B. Riley dropped their target price on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $4.00.

Bitfarms Stock Down 3.9 %

NASDAQ:BITF opened at $1.96 on Friday. Bitfarms Ltd. has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 3.02. The company’s 50-day simple moving average is $1.99 and its 200-day simple moving average is $2.24.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. During the same period last year, the business earned ($0.07) EPS. On average, equities analysts forecast that Bitfarms Ltd. will post -0.14 EPS for the current year.

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.