Cetera Investment Advisers Increases Stock Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Cetera Investment Advisers raised its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 31.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 963,793 shares of the company's stock after purchasing an additional 232,821 shares during the period. Cetera Investment Advisers owned 0.21% of Bitfarms worth $1,436,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings in Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Barclays PLC acquired a new stake in Bitfarms in the 3rd quarter worth about $161,000. Charles Schwab Investment Management Inc. boosted its holdings in Bitfarms by 121.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after buying an additional 1,370,102 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. acquired a new position in shares of Bitfarms during the fourth quarter valued at approximately $1,200,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Bitfarms by 34.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,148,423 shares of the company's stock valued at $1,711,000 after acquiring an additional 293,138 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BITF shares. Industrial Alliance Securities set a $3.25 price target on Bitfarms in a research note on Thursday, March 27th. HC Wainwright restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $4.01.

Bitfarms Price Performance

NASDAQ BITF traded down $0.04 during trading hours on Friday, hitting $1.05. 28,656,270 shares of the company's stock traded hands, compared to its average volume of 28,704,389. Bitfarms Ltd. has a 52-week low of $0.67 and a 52-week high of $3.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a market capitalization of $566.16 million, a PE ratio of -2.92 and a beta of 3.69. The firm's 50-day moving average is $0.95 and its 200-day moving average is $1.41.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal 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.