Invesco Ltd. Reduces Stake 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. lowered its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 29.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cresset Asset Management LLC raised its holdings in shares of Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after acquiring an additional 9,795 shares in the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the 1st quarter valued at about $39,000. Theory Financial LLC purchased a new stake in shares of Bitfarms in the 1st quarter valued at about $48,000. First Trust Advisors LP purchased a new stake in shares of Bitfarms in the 4th quarter valued at about $153,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after acquiring an additional 13,378 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.

Wall Street Analysts Forecast Growth

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

Bitfarms Price Performance

BITF opened at $1.24 on Tuesday. The stock's 50 day simple moving average is $1.10 and its 200 day simple moving average is $1.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. Bitfarms Ltd. has a 1 year low of $0.67 and a 1 year high of $2.76. The firm has a market cap of $689.63 million, a price-to-earnings ratio of -7.29 and a beta of 3.50.

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

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