First Trust Advisors LP Purchases New Position in Bitfarms Ltd. (NASDAQ:BITF)

First Trust Advisors LP purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 102,406 shares of the company’s stock, valued at approximately $153,000.

Several other hedge funds have also recently bought and sold shares of the stock. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms in the fourth quarter valued at approximately $30,000. Money Concepts Capital Corp bought a new stake in Bitfarms in the 4th quarter valued at $30,000. National Bank of Canada FI lifted its holdings in shares of Bitfarms by 2,629.2% during the fourth 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 in the last quarter. Olympiad Research LP bought a new stake in shares of Bitfarms in the fourth quarter valued at about $36,000. Finally, Lifeworks Advisors LLC grew its stake in shares of Bitfarms by 42.4% in the fourth 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 in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $1.08 on Monday. The firm has a 50 day moving average of $0.96 and a 200-day moving average of $1.47. Bitfarms Ltd. has a 12 month low of $0.67 and a 12 month high of $3.28. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $582.34 million, a PE ratio of -3.00 and a beta of 3.69.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The business had revenue of $54.40 million during the quarter, compared to the consensus estimate of $54.22 million. On average, equities research analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research note on Thursday, March 27th. Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. Finally, HC Wainwright reduced their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.