832,985 Shares in Bitfarms Ltd. $BITF Bought by Voya Investment Management LLC

Voya Investment Management LLC acquired a new stake in shares of Bitfarms Ltd. (NASDAQ:BITF) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 832,985 shares of the company’s stock, valued at approximately $2,349,000. Voya Investment Management LLC owned 0.15% of Bitfarms at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Cetera Investment Advisers increased its stake in shares of Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after acquiring an additional 10,622 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Bitfarms by 4.1% during the second quarter. Legal & General Group Plc now owns 370,869 shares of the company’s stock valued at $309,000 after purchasing an additional 14,513 shares in the last quarter. Creative Planning lifted its holdings in shares of Bitfarms by 54.0% during the second quarter. Creative Planning now owns 85,580 shares of the company’s stock valued at $72,000 after purchasing an additional 30,000 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of Bitfarms by 25.8% in the 2nd quarter. SBI Securities Co. Ltd. now owns 186,814 shares of the company’s stock worth $157,000 after purchasing an additional 38,358 shares in the last quarter. Finally, Harvest Portfolios Group Inc. grew its stake in shares of Bitfarms by 40.6% in the 2nd quarter. Harvest Portfolios Group Inc. now owns 146,203 shares of the company’s stock worth $121,000 after buying an additional 42,240 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Trading Down 7.1%

Bitfarms stock opened at $2.48 on Friday. Bitfarms Ltd. has a one year low of $0.67 and a one year high of $6.60. The business’s fifty day moving average is $3.23 and its 200 day moving average is $2.31. The stock has a market capitalization of $1.48 billion, a PE ratio of -10.78 and a beta of 3.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. On average, sell-side analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BITF. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research report on Monday, October 13th. Compass Point assumed coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a “buy” rating for the company. Finally, Cantor Fitzgerald upped their target price on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $4.25.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.