Tidal Investments LLC Cuts Stake in Bitfarms Ltd. (NASDAQ:BITF)

Tidal Investments LLC reduced its position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 99.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,007 shares of the company's stock after selling 6,178,546 shares during the quarter. Tidal Investments LLC's holdings in Bitfarms were worth $70,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lifeworks Advisors LLC increased its position in Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after purchasing an additional 7,339 shares during the period. Cresset Asset Management LLC increased its position in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after purchasing an additional 9,795 shares during the period. Insigneo Advisory Services LLC increased its position in Bitfarms by 15.3% during the 4th quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock valued at $202,000 after purchasing an additional 18,000 shares during the period. National Bank of Canada FI increased its position in Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares during the period. Finally, Guided Capital Wealth Management LLC purchased a new position in Bitfarms during the 4th quarter valued at $30,000. 20.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BITF. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research report on Thursday, March 27th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $4.44.

Bitfarms Stock Down 7.7%

Shares of NASDAQ:BITF traded down $0.07 during midday trading on Thursday, reaching $0.86. The company's stock had a trading volume of 11,287,770 shares, compared to its average volume of 28,424,836. The firm has a 50 day moving average of $0.95 and a 200-day moving average of $1.33. The firm has a market capitalization of $476.13 million, a P/E ratio of -2.39 and a beta of 3.54. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms Ltd. has a 12-month low of $0.67 and a 12-month high of $3.28.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.04). The firm had revenue of $66.85 million for the quarter, compared to the consensus estimate of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. On average, research analysts anticipate 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.