Bitfarms Ltd. $BITF Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management raised its stake in Bitfarms by 108.5% in Q2, buying an additional 144,593 shares to hold 277,853 shares worth about $233,000.
• Several other institutions also increased or initiated positions — Charles Schwab lifted its stake 52.2% to 3,808,165 shares and Continental General opened a roughly $2.12M position — leaving institutional ownership at 20.59%.
• Analysts have a consensus rating of Moderate Buy (eight Buys, one Sell) with a $4.54 target, while Bitfarms trades near $2.58, reported revenue below estimates ($69.25M vs. $84.66M) and remains unprofitable with negative margins.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 108.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 277,853 shares of the company's stock after purchasing an additional 144,593 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Bitfarms were worth $233,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BITF. Continental General Insurance Co. purchased a new position in shares of Bitfarms during the 1st quarter valued at approximately $2,124,000. Charles Schwab Investment Management Inc. lifted its holdings in Bitfarms by 52.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after purchasing an additional 1,223,201 shares during the period. Vident Advisory LLC increased its stake in shares of Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after purchasing an additional 628,603 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Bitfarms during the 2nd quarter worth about $211,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. Jones Trading began coverage on Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price target for the company. HC Wainwright restated a "buy" rating and issued a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a report on Friday. Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Finally, Cantor Fitzgerald raised their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an "overweight" rating in a research note on Friday. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.54.

Bitfarms Stock Down 0.8%

Shares of NASDAQ:BITF opened at $2.58 on Friday. Bitfarms Ltd. has a 52-week low of $0.67 and a 52-week high of $6.60. The stock has a market cap of $1.45 billion, a P/E ratio of -11.22 and a beta of 3.77. The business has a fifty day moving average of $3.54 and a two-hundred day moving average of $1.94. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.42%. The firm had revenue of $69.25 million for the quarter, compared to analysts' expectations of $84.66 million. On average, research analysts expect 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.

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