Charles Schwab Investment Management Inc. Raises Stake in Bitfarms Ltd. (NASDAQ:BITF)

Charles Schwab Investment Management Inc. boosted its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 121.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,501,953 shares of the company's stock after buying an additional 1,370,102 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.55% of Bitfarms worth $3,728,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC purchased a new position in shares of Bitfarms during the 3rd quarter worth approximately $25,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the fourth quarter worth $30,000. Guided Capital Wealth Management LLC purchased a new position in shares of Bitfarms during the fourth quarter worth $30,000. Olympiad Research LP acquired a new stake in shares of Bitfarms in the fourth quarter valued at $36,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Bitfarms in the 4th quarter valued at $130,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on BITF. Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They set an "outperform" rating for the company. HC Wainwright dropped their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a report on Thursday. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a report on Thursday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Bitfarms currently has a consensus rating of "Moderate Buy" and an average target price of $3.97.

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Bitfarms Stock Down 11.6 %

Bitfarms stock traded down $0.11 during midday trading on Friday, reaching $0.84. The company's stock had a trading volume of 27,770,336 shares, compared to its average volume of 28,895,974. The company has a market cap of $403.93 million, a P/E ratio of -2.34 and a beta of 3.68. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The business has a 50-day simple moving average of $1.27 and a 200-day simple moving average of $1.72. Bitfarms Ltd. has a fifty-two week low of $0.82 and a fifty-two week high of $3.28.

Bitfarms (NASDAQ:BITF - Get Free Report) 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. The firm had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. On average, research analysts expect 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.