Bitfarms Ltd. (NASDAQ:BITF) Shares Bought by Cetera Investment Advisers

Cetera Investment Advisers boosted its position in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 42.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 999,783 shares of the company's stock after purchasing an additional 299,273 shares during the quarter. Cetera Investment Advisers owned approximately 0.24% of Bitfarms worth $2,579,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BITF. Vima LLC purchased a new stake in shares of Bitfarms during the 4th quarter valued at $91,000. Evanson Asset Management LLC boosted its holdings in Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company's stock worth $63,000 after acquiring an additional 10,457 shares in the last quarter. CCG Wealth Management LLC purchased a new stake in shares of Bitfarms during the first quarter worth about $50,000. VitalStone Financial LLC purchased a new stake in shares of Bitfarms during the first quarter worth about $37,000. Finally, Swiss National Bank acquired a new position in shares of Bitfarms during the first quarter valued at about $1,426,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BITF. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reiterated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $3.66.

Bitfarms Stock Performance

NASDAQ BITF traded up $0.10 during trading hours on Friday, reaching $1.85. The stock had a trading volume of 14,649,447 shares, compared to its average volume of 21,777,414. Bitfarms Ltd. has a 52-week low of $0.92 and a 52-week high of $3.91. The stock has a fifty day moving average of $2.09 and a 200 day moving average of $2.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The stock has a market cap of $838.94 million, a P/E ratio of -5.29 and a beta of 3.63.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. Sell-side analysts predict that Bitfarms Ltd. will post -0.29 earnings per share for the current 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.