Wealth Enhancement Advisory Services LLC Makes New Investment in Bitfarms Ltd. $BITF

Key Points

• Wealth Enhancement Advisory Services LLC has acquired a new position in Bitfarms Ltd., purchasing 251,122 shares valued at approximately $211,000 during the second quarter.
• Bitfarms stock currently has a market cap of $2.36 billion and has shown significant price fluctuation, with a fifty-two week low of $0.67 and a high of $5.10.
• Analysts have mixed opinions on Bitfarms, with five rating it a "Moderate Buy" and one issuing a Sell rating, pointing to a consensus price target of $3.69.

Wealth Enhancement Advisory Services LLC bought a new position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 251,122 shares of the company's stock, valued at approximately $211,000.

Several other hedge funds have also recently bought and sold shares of the business. Arkadios Wealth Advisors bought a new stake in Bitfarms during the first quarter valued at about $39,000. Theory Financial LLC bought a new stake in Bitfarms during the first quarter valued at about $48,000. Blue Rock Wealth Management LLC bought a new stake in Bitfarms during the first quarter valued at about $59,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Bitfarms by 11.2% during 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 during the period. Finally, Baader Bank Aktiengesellschaft boosted its holdings in Bitfarms by 390.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock valued at $121,000 after acquiring an additional 114,245 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $4.20 on Friday. 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 has a market cap of $2.36 billion, a P/E ratio of -24.68 and a beta of 3.73. The firm has a 50 day simple moving average of $2.06 and a 200 day simple moving average of $1.34. Bitfarms Ltd. has a fifty-two week low of $0.67 and a fifty-two week high of $5.10.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS 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 analyst estimates of $79.78 million. Sell-side analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BITF shares. Compass Point started coverage on shares of Bitfarms in a report on Monday, September 15th. They set a "buy" rating for the company. Jones Trading started coverage on shares of Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 target price for the company. Wall Street Zen upgraded shares of Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday. Five equities research 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.69.

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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