Bitfarms Ltd. (NASDAQ:BITF) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 19.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,253,046 shares of the company's stock after purchasing an additional 373,592 shares during the quarter. Geode Capital Management LLC owned 0.50% of Bitfarms worth $3,339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Guided Capital Wealth Management LLC acquired a new position in Bitfarms in the 4th quarter worth about $30,000. Money Concepts Capital Corp purchased a new stake in shares of Bitfarms in the fourth quarter valued at approximately $30,000. National Bank of Canada FI raised its stake in shares of Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after buying an additional 19,877 shares during the period. Olympiad Research LP purchased a new position in shares of Bitfarms during the 4th quarter valued at approximately $36,000. Finally, Lifeworks Advisors LLC grew its stake in Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after acquiring an additional 7,339 shares during the period. Institutional investors and hedge funds own 20.59% of the company's stock.

Bitfarms Price Performance

Shares of NASDAQ:BITF traded up $0.03 during midday trading on Friday, hitting $1.06. The company's stock had a trading volume of 2,266,342 shares, compared to its average volume of 28,282,779. Bitfarms Ltd. has a 12-month low of $0.67 and a 12-month high of $3.28. The company has a market cap of $568.86 million, a P/E ratio of -2.93 and a beta of 3.74. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The business's 50 day simple moving average is $0.97 and its 200 day simple moving average is $1.52.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.07. The business had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. On average, analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BITF shares. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a report on Thursday, March 27th. HC Wainwright reduced their price target on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a research report on Thursday, March 27th. Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a report on Thursday, March 27th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Bitfarms currently has an average rating of "Moderate Buy" and an average price target of $3.84.

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.