MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Stake in Bitfarms Ltd. $BITF

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Bitfarms Ltd. (NASDAQ:BITF) by 28.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 5,493,643 shares of the company’s stock after buying an additional 1,223,201 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 1.02% of Bitfarms worth $4,316,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 10.4% in the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock worth $5,279,000 after buying an additional 628,603 shares during the last quarter. Continental General Insurance Co. purchased a new position in shares of Bitfarms in the 1st quarter worth about $2,124,000. Swiss National Bank raised its stake in shares of Bitfarms by 27.1% in the first quarter. Swiss National Bank now owns 897,000 shares of the company’s stock valued at $705,000 after buying an additional 191,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Bitfarms by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company’s stock valued at $105,000 after buying an additional 13,378 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after buying an additional 1,306,212 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Jones Trading started coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $3.95.

Bitfarms Price Performance

NASDAQ BITF opened at $2.04 on Friday. The company has a market cap of $1.13 billion, a PE ratio of -12.00 and a beta of 3.50. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $2.76. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $1.25 and its two-hundred day simple moving average is $1.06.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The business had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $79.78 million. Research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share 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.