Hel Ved Capital Management Ltd Buys Shares of 420,000 Bitfarms Ltd. (NASDAQ:BITF)

Hel Ved Capital Management Ltd purchased a new position in shares of Bitfarms Ltd. (NASDAQ:BITF) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 420,000 shares of the company’s stock, valued at approximately $626,000.

A number of other institutional investors have also modified their holdings of the company. Lifeworks Advisors LLC lifted its stake in Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock worth $37,000 after acquiring an additional 7,339 shares in the last quarter. HighTower Advisors LLC purchased a new stake in Bitfarms during the third quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares in the last quarter. Impact Partnership Wealth LLC boosted its stake in shares of Bitfarms by 26.1% in the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company’s stock valued at $132,000 after purchasing an additional 18,378 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Trading Down 6.4 %

NASDAQ:BITF opened at $0.77 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms Ltd. has a 1 year low of $0.72 and a 1 year high of $3.28. The stock has a market cap of $368.22 million, a P/E ratio of -2.13 and a beta of 3.68. The stock has a 50-day simple moving average of $1.19 and a 200-day simple moving average of $1.68.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating the consensus estimate 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 company had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.22 million. As a group, analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BITF. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Thursday, March 27th. Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. Finally, HC Wainwright decreased their price objective on Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday, March 27th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.86.

Bitfarms Company 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.