VitalStone Financial LLC Invests $37,000 in Bitfarms Ltd. (NASDAQ:BITF)

VitalStone Financial LLC purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,500 shares of the company’s stock, valued at approximately $37,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Pasadena Private Wealth LLC acquired a new stake in shares of Bitfarms in the fourth quarter worth $34,000. DMC Group LLC bought a new position in Bitfarms in the fourth quarter worth $47,000. Evanson Asset Management LLC bought a new position in Bitfarms in the fourth quarter worth $52,000. Bellecapital International Ltd. bought a new position in shares of Bitfarms during the fourth quarter valued at $66,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bitfarms by 27.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock valued at $9,127,000 after acquiring an additional 677,799 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Price Performance

NASDAQ BITF traded up $0.06 during trading on Friday, reaching $2.51. The company’s stock had a trading volume of 10,799,239 shares, compared to its average volume of 23,600,307. The stock has a market capitalization of $1.03 billion, a PE ratio of -6.53 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The firm has a fifty day moving average of $2.33 and a 200 day moving average of $2.43. Bitfarms Ltd. has a one year low of $0.92 and a one year high of $3.91.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping 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 business had revenue of $50.32 million during the quarter, compared to analysts’ expectations of $50.51 million. Analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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