Bitfarms Ltd. (NASDAQ:BITF) Shares Sold by Bayesian Capital Management LP

Bayesian Capital Management LP reduced its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 76.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,700 shares of the company's stock after selling 313,500 shares during the quarter. Bayesian Capital Management LP's holdings in Bitfarms were worth $146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Lifeworks Advisors LLC boosted its stake in Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares during the period. Insigneo Advisory Services LLC grew its position in Bitfarms by 15.3% in the 4th quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock valued at $202,000 after acquiring an additional 18,000 shares during the last quarter. Impact Partnership Wealth LLC lifted its position in shares of Bitfarms by 26.1% during the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company's stock worth $132,000 after purchasing an additional 18,378 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares during the period. Finally, Guided Capital Wealth Management LLC purchased a new position in Bitfarms in the 4th quarter worth about $30,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BITF shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. HC Wainwright lowered their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a research note on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $3.84.

Bitfarms Stock Down 2.2%

Shares of BITF traded down $0.03 during midday trading on Wednesday, hitting $1.14. 15,391,239 shares of the company's stock traded hands, compared to its average volume of 28,412,889. Bitfarms Ltd. has a 1 year low of $0.67 and a 1 year high of $3.28. The firm's fifty day moving average is $0.96 and its 200-day moving average is $1.46. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $611.99 million, a price-to-earnings ratio of -3.15 and a beta of 3.69.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The firm had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. As a group, sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 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.