Charles Schwab Investment Management Inc. Acquires 1,306,212 Shares of Bitfarms Ltd. $BITF

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Bitfarms Ltd. by 52.2%, acquiring an additional 1,306,212 shares during the first quarter, bringing their total ownership to 3,808,165 shares worth approximately $3 million.
• Bitfarms has a market capitalization of $745.25 million and significant fluctuations in stock performance, with a 12-month low of $0.67 and a high of $2.76.
• Five analysts currently rate Bitfarms shares as a "buy," with a consensus price target of $3.95, indicating optimistic expectations for future growth.

Charles Schwab Investment Management Inc. grew its position in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 52.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,808,165 shares of the company's stock after purchasing an additional 1,306,212 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.71% of Bitfarms worth $3,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Investment Advisers grew its position in shares of Bitfarms by 31.9% during the fourth quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock worth $1,436,000 after acquiring an additional 232,821 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after acquiring an additional 2,828,703 shares during the period. Trium Capital LLP acquired a new stake in shares of Bitfarms in the 1st quarter worth approximately $609,000. Dimensional Fund Advisors LP increased its stake in Bitfarms by 34.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,148,423 shares of the company's stock valued at $1,711,000 after purchasing an additional 293,138 shares in the last quarter. Finally, J. Goldman & Co LP acquired a new position in Bitfarms during the fourth quarter worth $881,000. Institutional investors and hedge funds own 20.59% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Jones Trading initiated coverage on Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price on the stock. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Performance

BITF traded down $0.03 during trading on Wednesday, reaching $1.32. 26,087,401 shares of the company were exchanged, compared to its average volume of 25,836,201. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The stock has a market cap of $731.34 million, a P/E ratio of -7.73 and a beta of 3.50. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $2.76. The firm has a 50 day moving average of $1.16 and a 200 day moving average of $1.05.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal 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.