Phoenix Financial Ltd. Cuts Position in Bitfarms Ltd. $BITF

Phoenix Financial Ltd. trimmed its position in Bitfarms Ltd. (NASDAQ:BITF) by 56.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,932 shares of the company’s stock after selling 109,316 shares during the quarter. Phoenix Financial Ltd.’s holdings in Bitfarms were worth $71,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Arkadios Wealth Advisors purchased a new position in Bitfarms in the first quarter valued at approximately $39,000. Theory Financial LLC acquired a new stake in shares of Bitfarms in the first quarter worth $48,000. Blue Rock Wealth Management LLC purchased a new position in shares of Bitfarms in the 1st quarter valued at $59,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company’s stock valued at $105,000 after acquiring an additional 13,378 shares during the period. Finally, SBI Securities Co. Ltd. raised its stake in shares of Bitfarms by 69.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock valued at $117,000 after acquiring an additional 61,085 shares during the period. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Stock Up 5.6%

Shares of NASDAQ BITF opened at $4.16 on Friday. Bitfarms Ltd. has a 1 year low of $0.67 and a 1 year high of $6.60. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -24.47 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The stock’s 50-day simple moving average is $2.75 and its 200-day simple moving average is $1.61.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $79.78 million. As a group, equities analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on BITF. Compass Point began coverage on Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Jones Trading initiated coverage on Bitfarms in a report on Monday, July 21st. They set a “buy” rating and a $2.00 target price on the stock. Macquarie reiterated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. B. Riley reiterated a “buy” rating on shares of Bitfarms in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Bitfarms from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $4.35.

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.