Headlands Technologies LLC Acquires 7,429 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Headlands Technologies LLC raised its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 64.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,908 shares of the company’s stock after acquiring an additional 7,429 shares during the quarter. Headlands Technologies LLC’s holdings in Bitfarms were worth $55,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pasadena Private Wealth LLC acquired a new stake in shares of Bitfarms during the fourth quarter worth $34,000. Sloy Dahl & Holst LLC bought a new position in shares of Bitfarms during the fourth quarter worth $44,000. DMC Group LLC acquired a new position in shares of Bitfarms in the fourth quarter valued at approximately $47,000. Evanson Asset Management LLC acquired a new position in Bitfarms during the 4th quarter worth approximately $52,000. Finally, Oxinas Partners Wealth Management LLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $65,000. 20.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BITF. Northland Securities initiated coverage on shares of Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, March 28th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $4.20.

Bitfarms Stock Performance

BITF opened at $1.78 on Thursday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04. Bitfarms Ltd. has a 12-month low of $0.92 and a 12-month high of $3.91. The business has a 50 day moving average of $2.32 and a 200-day moving average of $2.17. The stock has a market cap of $634.20 million, a price-to-earnings ratio of -4.81 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, equities research analysts expect that Bitfarms Ltd. will post -0.09 earnings per share for the current year.

About Bitfarms

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.