Harvest Portfolios Group Inc. Sells 25,479 Shares of Bitfarms Ltd. $BITF

Harvest Portfolios Group Inc. reduced its position in Bitfarms Ltd. (NASDAQ:BITF) by 19.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 103,963 shares of the company’s stock after selling 25,479 shares during the period. Harvest Portfolios Group Inc.’s holdings in Bitfarms were worth $82,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cetera Investment Advisers boosted its holdings in shares of Bitfarms by 31.9% in the 4th quarter. Cetera Investment Advisers now owns 963,793 shares of the company’s stock valued at $1,436,000 after buying an additional 232,821 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after buying an additional 2,828,703 shares in the last quarter. Trium Capital LLP bought a new stake in shares of Bitfarms in the 1st quarter valued at about $609,000. Dimensional Fund Advisors LP boosted its holdings in shares of Bitfarms by 34.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,148,423 shares of the company’s stock valued at $1,711,000 after buying an additional 293,138 shares in the last quarter. Finally, J. Goldman & Co LP bought a new stake in shares of Bitfarms in the 4th quarter valued at about $881,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Stock Up 3.1%

BITF stock opened at $1.34 on Thursday. The firm has a 50 day moving average of $1.12 and a 200 day moving average of $1.06. The stock has a market capitalization of $745.24 million, a PE ratio of -7.88 and a beta of 3.50. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $2.76.

Bitfarms (NASDAQ:BITF) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The company had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Analyst Ratings Changes

BITF has been the subject of a number of recent analyst reports. Jones Trading initiated coverage on shares of Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. HC Wainwright reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $3.95.

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.