Van ECK Associates Corp Has $12.16 Million Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Van ECK Associates Corp raised its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 16.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,179,875 shares of the company's stock after purchasing an additional 599,506 shares during the period. Van ECK Associates Corp owned 1.25% of Bitfarms worth $12,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Headlands Technologies LLC raised its position in shares of Bitfarms by 64.7% in the fourth quarter. Headlands Technologies LLC now owns 18,908 shares of the company's stock valued at $55,000 after buying an additional 7,429 shares during the last quarter. Sloy Dahl & Holst LLC acquired a new position in shares of Bitfarms in the fourth quarter valued at approximately $44,000. Vontobel Holding Ltd. raised its position in shares of Bitfarms by 7.8% in the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company's stock valued at $238,000 after buying an additional 5,900 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company's stock valued at $9,127,000 after buying an additional 677,799 shares during the last quarter. Finally, Bellecapital International Ltd. acquired a new position in shares of Bitfarms in the fourth quarter valued at approximately $66,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Bitfarms Stock Up 1.1 %

Shares of BITF stock traded up $0.02 on Friday, hitting $1.82. The stock had a trading volume of 9,027,160 shares, compared to its average volume of 24,123,672. The firm has a market capitalization of $648.45 million, a price-to-earnings ratio of -4.86 and a beta of 3.65. The stock's 50 day moving average is $2.27 and its 200-day moving average is $2.17. 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 52-week low of $0.92 and a 52-week high of $3.91.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The business had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. As a group, research analysts expect that Bitfarms Ltd. will post -0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, March 28th. HC Wainwright reaffirmed a "buy" rating and set a $4.00 price target on shares of Bitfarms in a research report on Tuesday, March 26th. Finally, Northland Securities assumed coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an "outperform" rating and a $4.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $4.20.

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.