Schonfeld Strategic Advisors LLC Acquires 266,713 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Schonfeld Strategic Advisors LLC grew its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF) by 916.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 295,822 shares of the company’s stock after buying an additional 266,713 shares during the quarter. Schonfeld Strategic Advisors LLC owned 0.07% of Bitfarms worth $441,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms in the fourth quarter valued at approximately $30,000. Money Concepts Capital Corp purchased a new stake in Bitfarms during the fourth quarter worth $30,000. National Bank of Canada FI lifted its holdings in 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 during the period. Olympiad Research LP acquired a new position in shares of Bitfarms during the fourth quarter worth $36,000. Finally, Lifeworks Advisors LLC increased its position in shares of Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock worth $37,000 after purchasing an additional 7,339 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Shares of BITF opened at $1.08 on Monday. The business’s 50-day moving average is $0.96 and its two-hundred day moving average is $1.47. The company has a market capitalization of $582.34 million, a P/E ratio of -3.00 and a beta of 3.69. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms Ltd. has a fifty-two week low of $0.67 and a fifty-two week high of $3.28.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.07. The company had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. Research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

BITF has been the topic of several research reports. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. HC Wainwright cut their target price on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 target price on Bitfarms in a research report on Thursday, March 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.84.

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.