Phoenix Financial Ltd. Has $154,000 Stake in Bitfarms Ltd. (NASDAQ:BITF)

Phoenix Financial Ltd. trimmed its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 27.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,248 shares of the company’s stock after selling 72,210 shares during the period. Phoenix Financial Ltd.’s holdings in Bitfarms were worth $154,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cresset Asset Management LLC raised its position in shares of Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock valued at $41,000 after buying an additional 9,795 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock valued at $238,000 after buying an additional 14,865 shares in the last quarter. Insigneo Advisory Services LLC raised its position in shares of Bitfarms by 15.3% in the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company’s stock valued at $202,000 after buying an additional 18,000 shares in the last quarter. National Bank of Canada FI raised its position 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 buying an additional 19,877 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Bitfarms by 14.5% in the fourth quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company’s stock valued at $426,000 after buying an additional 36,449 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 price objective on the stock. Finally, Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $3.95.

Bitfarms Stock Performance

Shares of NASDAQ:BITF opened at $1.23 on Friday. The company’s 50 day simple moving average is $0.98 and its 200 day simple moving average is $1.10. The stock has a market capitalization of $685.79 million, a price-to-earnings ratio of -6.47 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58. Bitfarms Ltd. has a 1 year low of $0.67 and a 1 year high of $2.84.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.04). The firm had revenue of $66.85 million for the quarter, compared to analysts’ expectations of $67.17 million. Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. As a group, research analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

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.