Phoenix Financial Ltd. Buys 171,190 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Phoenix Financial Ltd. grew its stake in Bitfarms Ltd. (NASDAQ:BITF) by 179.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 266,458 shares of the company’s stock after purchasing an additional 171,190 shares during the period. Phoenix Financial Ltd. owned approximately 0.06% of Bitfarms worth $397,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC purchased a new stake in Bitfarms during the 3rd quarter valued at $25,000. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms in the fourth quarter valued at $30,000. Money Concepts Capital Corp bought a new stake in shares of Bitfarms in the 4th quarter worth about $30,000. National Bank of Canada FI boosted its stake in shares of Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after purchasing an additional 19,877 shares during the period. Finally, Olympiad Research LP purchased a new position in shares of Bitfarms during the 4th quarter worth about $36,000. 20.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BITF. HC Wainwright reduced their price objective on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday, March 27th. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research report on Thursday, March 27th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and a consensus price target of $3.86.

Bitfarms Price Performance

BITF opened at $0.80 on Friday. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business’s fifty day simple moving average is $1.10 and its 200-day simple moving average is $1.62. The company has a market capitalization of $430.17 million, a price-to-earnings ratio of -2.22 and a beta of 3.74. Bitfarms Ltd. has a 12-month low of $0.67 and a 12-month high of $3.28.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. On average, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

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.