Cresset Asset Management LLC Increases Position in Bitfarms Ltd. (NASDAQ:BITF)

Cresset Asset Management LLC increased its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 54.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,735 shares of the company’s stock after purchasing an additional 9,795 shares during the quarter. Cresset Asset Management LLC’s holdings in Bitfarms were worth $41,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms during the fourth quarter valued at about $30,000. Money Concepts Capital Corp purchased a new stake in Bitfarms during the fourth quarter valued at approximately $30,000. National Bank of Canada FI lifted its position in Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after acquiring an additional 19,877 shares during the last quarter. Olympiad Research LP acquired a new stake in Bitfarms in the fourth quarter valued at approximately $36,000. Finally, Lifeworks Advisors LLC grew its holdings in Bitfarms by 42.4% in the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock worth $37,000 after purchasing an additional 7,339 shares during the last quarter. Institutional investors own 20.59% of the company’s stock.

Analysts Set New Price Targets

BITF has been the subject of several analyst reports. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a report on Thursday, March 27th. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. Finally, HC Wainwright decreased their price target 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 equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.01.

Bitfarms Price Performance

Shares of BITF opened at $1.15 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company’s fifty day moving average price is $0.95 and its 200-day moving average price is $1.44. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $3.28. The firm has a market capitalization of $620.08 million, a PE ratio of -3.19 and a beta of 3.69.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $66.85 million for the quarter, compared to the consensus estimate of $67.17 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. On average, equities research analysts predict that Bitfarms Ltd. will post -0.21 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.