Vident Advisory LLC Has $9.02 Million Stock Position in Bitfarms Ltd. (NASDAQ:BITF)

Vident Advisory LLC grew its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 87.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,058,078 shares of the company's stock after buying an additional 2,828,703 shares during the quarter. Vident Advisory LLC owned 1.26% of Bitfarms worth $9,016,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Lifeworks Advisors LLC grew its holdings in shares of Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after buying an additional 7,339 shares during the last quarter. Cresset Asset Management LLC grew its holdings in shares of Bitfarms by 54.6% during the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after buying an additional 9,795 shares during the last quarter. Insigneo Advisory Services LLC grew its holdings in shares of Bitfarms by 15.3% during the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock valued at $202,000 after buying an additional 18,000 shares during the last quarter. Impact Partnership Wealth LLC grew its holdings in shares of Bitfarms by 26.1% during the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company's stock valued at $132,000 after buying an additional 18,378 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after buying an additional 19,877 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BITF has been the subject of a number of analyst reports. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research report on Thursday, March 27th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $4.01.

Bitfarms Stock Performance

Shares of BITF opened at $1.15 on Tuesday. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $620.08 million, a price-to-earnings ratio of -3.19 and a beta of 3.69. The stock has a 50 day moving average of $0.95 and a 200 day moving average of $1.43. 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 issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). The company had revenue of $66.85 million during the quarter, compared to the consensus estimate of $67.17 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Bitfarms Company 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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