Bitfarms Ltd. (NASDAQ:BITF) Stake Increased by Invesco Ltd.

Invesco Ltd. boosted its holdings in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 9.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,355,913 shares of the company's stock after purchasing an additional 1,140,037 shares during the quarter. Invesco Ltd. owned approximately 2.95% of Bitfarms worth $19,900,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BITF. HighTower Advisors LLC acquired a new position in Bitfarms during the 3rd quarter valued at approximately $25,000. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms during the fourth quarter valued at $30,000. Money Concepts Capital Corp bought a new position in shares of Bitfarms during the fourth quarter worth about $30,000. National Bank of Canada FI increased its holdings in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after acquiring an additional 19,877 shares during the period. Finally, Olympiad Research LP bought a new stake in Bitfarms in the 4th quarter valued at about $36,000. Institutional investors own 20.59% of the company's stock.

Wall Street Analysts Forecast Growth

BITF has been the topic of several analyst reports. Industrial Alliance Securities set a $3.25 price target on shares of Bitfarms in a research note on Thursday, March 27th. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. Keefe, Bruyette & Woods started coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Finally, HC Wainwright cut their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating on the stock in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $3.86.

Bitfarms Price Performance

NASDAQ:BITF traded up $0.01 during mid-day trading on Thursday, reaching $1.01. 2,532,564 shares of the stock were exchanged, compared to its average volume of 28,351,512. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $3.28. 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 firm has a market capitalization of $541.90 million, a PE ratio of -2.79 and a beta of 3.74. The business has a fifty day moving average price of $1.01 and a 200 day moving average price of $1.55.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, topping 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. Research analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Bitfarms 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.