Evanson Asset Management LLC Takes $52,000 Position in Bitfarms Ltd. (NASDAQ:BITF)

Evanson Asset Management LLC acquired a new position in Bitfarms Ltd. (NASDAQ:BITF) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 17,999 shares of the company’s stock, valued at approximately $52,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Citigroup Inc. raised its position in Bitfarms by 21.9% during the first quarter. Citigroup Inc. now owns 78,238 shares of the company’s stock valued at $295,000 after buying an additional 14,045 shares during the period. Vontobel Holding Ltd. bought a new position in Bitfarms during the first quarter valued at about $51,000. XTX Topco Ltd bought a new stake in shares of Bitfarms during the 1st quarter worth $57,000. Invesco Ltd. lifted its holdings in shares of Bitfarms by 56.1% during the first quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock worth $48,900,000 after buying an additional 4,687,086 shares during the last quarter. Finally, Vident Investment Advisory LLC increased its stake in Bitfarms by 130.9% during the first quarter. Vident Investment Advisory LLC now owns 598,085 shares of the company’s stock valued at $2,248,000 after acquiring an additional 339,009 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday. Finally, B. Riley restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, December 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $4.25.

Bitfarms Stock Performance

BITF stock traded up $0.07 during trading hours on Thursday, reaching $2.23. The stock had a trading volume of 38,241,156 shares, compared to its average volume of 27,009,922. The stock has a 50-day simple moving average of $2.60 and a 200 day simple moving average of $2.01. Bitfarms Ltd. has a fifty-two week low of $0.82 and a fifty-two week high of $3.91. The stock has a market capitalization of $745.15 million, a PE ratio of -6.19 and a beta of 3.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Analysts predict that Bitfarms Ltd. will post -0.17 EPS 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.