Financial Advocates Investment Management Has $45,000 Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Financial Advocates Investment Management lessened its stake in Bitfarms Ltd. (NASDAQ:BITFFree Report) by 24.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,380 shares of the company’s stock after selling 5,000 shares during the quarter. Financial Advocates Investment Management’s holdings in Bitfarms were worth $45,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its position in Bitfarms by 7.8% in the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock valued at $238,000 after acquiring an additional 5,900 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Bitfarms by 39.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock valued at $70,000 after acquiring an additional 6,837 shares in the last quarter. Headlands Technologies LLC increased its position in Bitfarms by 64.7% in the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock valued at $55,000 after acquiring an additional 7,429 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Bitfarms in the 4th quarter valued at about $29,000. Finally, Pasadena Private Wealth LLC acquired a new stake in Bitfarms in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Performance

Shares of BITF opened at $2.04 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 3.02. Bitfarms Ltd. has a twelve month low of $0.92 and a twelve month high of $3.91. The firm’s 50 day moving average price is $1.99 and its two-hundred day moving average price is $2.24. The firm has a market cap of $799.27 million, a P/E ratio of -5.37 and a beta of 3.65.

Bitfarms (NASDAQ:BITFGet Free Report) last announced 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 net margin of 64.06% and a negative return on equity of 19.24%. The firm had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. On average, analysts forecast that Bitfarms Ltd. will post -0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BITF has been the subject of several analyst reports. B. Riley lowered their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Tuesday, March 26th. Northland Securities initiated coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.00.

Get Our Latest Stock Report on Bitfarms

About Bitfarms

(Free Report)

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.

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Institutional Ownership by Quarter for Bitfarms (NASDAQ:BITF)

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