Invesco Ltd. Has $7.43 Million Holdings in Bitfarms Ltd. $BITF

Key Points

• Invesco Ltd. has reduced its stake in Bitfarms Ltd. by 29.4%, now owning approximately 1.75% of the company, worth about $7.43 million.
• Bitfarms has received multiple “buy” ratings from analysts, with a consensus target price of $3.95.
• In its latest earnings report, Bitfarms posted a loss of ($0.02) earnings per share, missing the consensus estimate, and reported revenues of $77.80 million for the quarter.

Invesco Ltd. lessened its position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 29.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,428,163 shares of the company's stock after selling 3,927,750 shares during the period. Invesco Ltd. owned approximately 1.75% of Bitfarms worth $7,431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cetera Investment Advisers raised its position in shares of Bitfarms by 31.9% in the fourth quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock valued at $1,436,000 after buying an additional 232,821 shares in the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after buying an additional 2,828,703 shares in the last quarter. Trium Capital LLP acquired a new stake in shares of Bitfarms in the first quarter valued at approximately $609,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Bitfarms in the fourth quarter valued at approximately $1,200,000. Finally, Dimensional Fund Advisors LP raised 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 buying an additional 293,138 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of analyst reports. HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Finally, Alliance Global Partners reiterated 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 MarketBeat, Bitfarms currently has a consensus rating of "Buy" and an average price target of $3.95.

Bitfarms Price Performance

BITF traded up $0.02 during trading on Friday, hitting $1.34. 23,223,164 shares of the stock traded hands, compared to its average volume of 25,909,034. Bitfarms Ltd. has a twelve month low of $0.67 and a twelve month high of $2.76. The company has a market cap of $745.24 million, a price-to-earnings ratio of -7.88 and a beta of 3.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The business has a 50 day moving average price of $1.14 and a 200 day moving average price of $1.05.

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