TD Asset Management Inc Raises Stake in Bitfarms Ltd. $BITF

Key Points

• TD Asset Management Inc increased its stake in Bitfarms Ltd. by 34.4% during the second quarter, now owning approximately 0.10% of the company valued at $446,000.
• Analysts have varying opinions on Bitfarms, with a consensus rating of "Moderate Buy" and an average price target of $4.35, while Weiss Ratings issued a "sell" rating.
• Bitfarms reported {$0.02} earnings per share last quarter, missing analysts' expectations, and has negative margins indicating ongoing financial challenges.

TD Asset Management Inc grew its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 34.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 538,314 shares of the company's stock after purchasing an additional 137,782 shares during the quarter. TD Asset Management Inc owned approximately 0.10% of Bitfarms worth $446,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BITF. Trium Capital LLP purchased a new stake in shares of Bitfarms during the first quarter valued at $609,000. SBI Securities Co. Ltd. boosted its stake in shares of Bitfarms by 69.9% during the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after purchasing an additional 61,085 shares during the period. Theory Financial LLC purchased a new stake in shares of Bitfarms during the first quarter valued at $48,000. Private Advisor Group LLC boosted its stake in shares of Bitfarms by 26.2% during the first quarter. Private Advisor Group LLC now owns 178,100 shares of the company's stock valued at $140,000 after purchasing an additional 37,000 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Bitfarms by 13.0% during the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock valued at $145,000 after purchasing an additional 21,238 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. B. Riley reiterated a "buy" rating on shares of Bitfarms in a report on Wednesday. Jones Trading started coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price for the company. Macquarie reiterated an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Finally, Northland Securities set a $7.00 target price on shares of Bitfarms in a report on Monday, October 13th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4.35.

Bitfarms Price Performance

Shares of BITF stock opened at $4.16 on Friday. Bitfarms Ltd. has a fifty-two week low of $0.67 and a fifty-two week high of $6.60. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -24.47 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The stock'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 issued its quarterly 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). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. As a group, equities 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.

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