Baader Bank Aktiengesellschaft Purchases 114,245 Shares of Bitfarms Ltd. $BITF

Key Points

• Baader Bank Aktiengesellschaft has increased its stake in Bitfarms Ltd. by 390.4% during Q2, acquiring a total of 143,505 shares valued at approximately $121,000.
• Institutional investors currently hold 20.59% of Bitfarms' stock, with several firms, including MIRAE ASSET and Charles Schwab, raising their positions significantly in the first quarter.
• Bitfarms reported a loss per share of ($0.02) in its latest quarterly earnings, missing expectations, with revenue of $77.8 million compared to estimates of $79.78 million.

Baader Bank Aktiengesellschaft lifted its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 390.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 143,505 shares of the company's stock after purchasing an additional 114,245 shares during the quarter. Baader Bank Aktiengesellschaft's holdings in Bitfarms were worth $121,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BITF. Millennium Management LLC grew its stake in Bitfarms by 81.1% in the 4th quarter. Millennium Management LLC now owns 536,044 shares of the company's stock valued at $799,000 after buying an additional 239,997 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Bitfarms by 14.5% in the 4th quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company's stock valued at $426,000 after buying an additional 36,449 shares during the last quarter. Mackenzie Financial Corp grew its stake in Bitfarms by 10.0% in the 4th quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock valued at $238,000 after buying an additional 14,865 shares during the last quarter. Trium Capital LLP acquired a new position in Bitfarms in the 1st quarter valued at $609,000. Finally, SBI Securities Co. Ltd. grew its stake in Bitfarms by 69.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after buying an additional 61,085 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BITF shares. Wall Street Zen upgraded shares of Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Jones Trading started coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Finally, Compass Point started coverage on shares of Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $3.95.

Bitfarms Price Performance

Shares of NASDAQ:BITF traded down $0.48 during midday trading on Tuesday, reaching $2.59. 96,117,723 shares of the company's stock were exchanged, compared to its average volume of 32,097,182. The company's 50 day simple moving average is $1.50 and its two-hundred day simple moving average is $1.14. The firm has a market capitalization of $1.44 billion, a PE ratio of -15.32 and a beta of 3.50. Bitfarms Ltd. has a 12 month low of $0.67 and a 12 month high of $3.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. Equities research analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Bitfarms Company 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.