737,084 Shares in Bitfarms Ltd. (NASDAQ:BITF) Bought by Quadrature Capital Ltd

Quadrature Capital Ltd bought a new position in shares of Bitfarms Ltd. (NASDAQ:BITF) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 737,084 shares of the company’s stock, valued at approximately $1,640,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BITF. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms during the fourth quarter worth $29,000. VitalStone Financial LLC acquired a new position in shares of Bitfarms during the first quarter worth $37,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the first quarter valued at $43,000. Sloy Dahl & Holst LLC purchased a new stake in Bitfarms in the fourth quarter valued at $44,000. Finally, CCG Wealth Management LLC purchased a new stake in Bitfarms in the first quarter valued at $50,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BITF shares. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, July 18th. Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price target for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. B. Riley reduced their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Cantor Fitzgerald started coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price target for the company. Finally, Northland Securities started coverage on shares of Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $3.88.

Bitfarms Stock Performance

Shares of NASDAQ:BITF traded up $0.11 on Friday, reaching $2.69. The company’s stock had a trading volume of 20,502,093 shares, compared to its average volume of 22,221,860. The stock’s 50-day moving average is $2.55 and its two-hundred day moving average is $2.40. Bitfarms Ltd. has a 52-week low of $0.92 and a 52-week high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The stock has a market capitalization of $1.15 billion, a P/E ratio of -7.08 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The business had revenue of $50.32 million during the quarter, compared to analysts’ expectations of $50.51 million. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.23 EPS for the current 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.