Van ECK Associates Corp Grows Stock Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Van ECK Associates Corp grew its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 17.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,075,744 shares of the company's stock after acquiring an additional 911,952 shares during the period. Van ECK Associates Corp owned 1.48% of Bitfarms worth $11,969,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Gladstone Institutional Advisory LLC increased its holdings in shares of Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after purchasing an additional 5,000 shares during the period. HBW Advisory Services LLC purchased a new stake in Bitfarms during the 3rd quarter valued at about $63,000. Cetera Investment Advisers raised its holdings in shares of Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock valued at $2,579,000 after acquiring an additional 299,273 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Bitfarms by 67.3% in the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company's stock worth $395,000 after purchasing an additional 61,624 shares during the period. Finally, K2 Principal Fund L.P. bought a new stake in shares of Bitfarms during the 2nd quarter valued at about $816,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BITF. HC Wainwright reissued a "buy" rating and set a $4.00 price target on shares of Bitfarms in a research report on Monday, September 23rd. Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Bitfarms has a consensus rating of "Moderate Buy" and an average price target of $3.66.

Bitfarms Trading Up 17.7 %

Shares of NASDAQ BITF traded up $0.32 during trading hours on Wednesday, reaching $2.13. The stock had a trading volume of 57,106,861 shares, compared to its average volume of 22,537,969. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The firm has a market cap of $964.51 million, a price-to-earnings ratio of -6.07 and a beta of 3.64. The business's fifty day moving average price is $2.00 and its two-hundred day moving average price is $2.22. Bitfarms Ltd. has a 52-week low of $1.01 and a 52-week high of $3.91.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results 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. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The company had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. Analysts expect that Bitfarms Ltd. will post -0.3 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.