Phoenix Financial Ltd. lessened its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 56.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,932 shares of the company's stock after selling 109,316 shares during the period. Phoenix Financial Ltd.'s holdings in Bitfarms were worth $71,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of BITF. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the first quarter valued at about $39,000. Theory Financial LLC purchased a new stake in Bitfarms in the 1st quarter valued at approximately $48,000. Blue Rock Wealth Management LLC purchased a new stake in Bitfarms in the 1st quarter valued at approximately $59,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Bitfarms by 11.2% in the first 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. Finally, SBI Securities Co. Ltd. lifted its position in shares of Bitfarms by 69.9% in the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after acquiring an additional 61,085 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.
Bitfarms Trading Up 5.6%
Shares of BITF stock opened at $4.16 on Friday. The firm has a market cap of $2.34 billion, a P/E ratio of -24.47 and a beta of 3.73. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $6.60. 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 firm's 50-day simple moving average is $2.75 and its 200-day simple moving average is $1.61.
Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on BITF shares. Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a report on Wednesday, October 8th. Macquarie reissued an "outperform" rating on shares of Bitfarms in a research note on Monday, October 13th. Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective on the stock. Finally, Northland Securities set a $7.00 price target on Bitfarms in a research note on Monday, October 13th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $4.35.
Get Our Latest Analysis on BITF
About Bitfarms
(
Free Report)
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.
Recommended Stories
Want to see what other hedge funds are holding BITF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bitfarms Ltd. (NASDAQ:BITF - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Bitfarms, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bitfarms wasn't on the list.
While Bitfarms currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
