Bitfarms Ltd. (NASDAQ:BITF) Stock Position Raised by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its position in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 27.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,126,022 shares of the company's stock after purchasing an additional 677,799 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.94% of Bitfarms worth $9,127,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of Bitfarms by 40.6% during the 1st quarter. Royal Bank of Canada now owns 26,293 shares of the company's stock worth $98,000 after purchasing an additional 7,596 shares during the period. Pasadena Private Wealth LLC purchased a new position in Bitfarms during the fourth quarter worth about $34,000. UBS Group AG increased its position in shares of Bitfarms by 76.3% during the second quarter. UBS Group AG now owns 30,793 shares of the company's stock valued at $34,000 after acquiring an additional 13,327 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Bitfarms in the 1st quarter valued at approximately $51,000. Finally, Citigroup Inc. raised its stake in shares of Bitfarms by 21.9% in the 1st quarter. Citigroup Inc. now owns 78,238 shares of the company's stock valued at $295,000 after acquiring an additional 14,045 shares during the period. Hedge funds and other institutional investors own 20.59% of the company's stock.

Analyst Ratings Changes

BITF has been the subject of several research reports. HC Wainwright reiterated a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th.

Bitfarms Stock Down 5.2 %

Shares of Bitfarms stock traded down $0.10 during trading hours on Friday, reaching $1.81. 13,032,026 shares of the company were exchanged, compared to its average volume of 21,326,200. The firm has a market cap of $644.89 million, a PE ratio of -4.89 and a beta of 3.62. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. Bitfarms Ltd. has a 1 year low of $0.92 and a 1 year high of $3.91. The stock's fifty day moving average is $2.58 and its 200 day moving average is $2.09.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. The firm had revenue of $46.24 million during the quarter, compared to analysts' expectations of $39.68 million. During the same period in the previous year, the firm posted ($0.07) EPS. As a group, equities research analysts forecast that Bitfarms Ltd. will post -0.1 earnings per share for the current 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.