VitalStone Financial LLC Takes Position in Bitfarms Ltd. (NASDAQ:BITF)

VitalStone Financial LLC bought a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the 1st quarter, HoldingsChannel.com reports. The firm bought 16,500 shares of the company’s stock, valued at approximately $37,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bellecapital International Ltd. purchased a new stake in Bitfarms in the fourth quarter valued at $66,000. Shariaportfolio Inc. acquired a new stake in shares of Bitfarms in the fourth quarter valued at $2,051,000. Sloy Dahl & Holst LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at $44,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Bitfarms in the fourth quarter valued at $804,000. Finally, Vontobel Holding Ltd. grew its stake in shares of Bitfarms by 7.8% in the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock valued at $238,000 after buying an additional 5,900 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

BITF traded up $0.06 on Friday, hitting $2.51. 10,799,239 shares of the company traded hands, compared to its average volume of 23,600,307. The company has a 50 day moving average of $2.33 and a 200-day moving average of $2.43. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.03 billion, a PE ratio of -6.53 and a beta of 3.68. Bitfarms Ltd. has a 12-month low of $0.92 and a 12-month high of $3.91.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BITF has been the subject of several analyst reports. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their target price for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Northland Securities started coverage on Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective for the company. Cantor Fitzgerald started coverage on Bitfarms in a research report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Tuesday. Finally, B. Riley lowered their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

About Bitfarms

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.