Evanson Asset Management LLC Invests $52,000 in Bitfarms Ltd. (NASDAQ:BITF)

Evanson Asset Management LLC purchased a new position in shares of Bitfarms Ltd. (NASDAQ:BITF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 17,999 shares of the company’s stock, valued at approximately $52,000.

A number of other hedge funds have also modified their holdings of the business. Royal Bank of Canada boosted its holdings in Bitfarms by 40.6% in the 1st quarter. Royal Bank of Canada now owns 26,293 shares of the company’s stock valued at $98,000 after purchasing an additional 7,596 shares in the last quarter. Pasadena Private Wealth LLC purchased a new position in shares of Bitfarms in the 4th quarter valued at about $34,000. UBS Group AG lifted its stake in shares of Bitfarms by 76.3% in the second quarter. UBS Group AG now owns 30,793 shares of the company’s stock valued at $34,000 after purchasing an additional 13,327 shares during the period. Vontobel Holding Ltd. acquired a new stake in shares of Bitfarms in the first quarter valued at about $51,000. Finally, Citigroup Inc. boosted its holdings in Bitfarms by 21.9% during the first quarter. Citigroup Inc. now owns 78,238 shares of the company’s stock worth $295,000 after buying an additional 14,045 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BITF. B. Riley restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, December 14th. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms presently has an average rating of “Buy” and a consensus price target of $4.25.

Bitfarms Trading Up 3.2 %

BITF traded up $0.07 during trading on Thursday, hitting $2.23. The company’s stock had a trading volume of 38,241,156 shares, compared to its average volume of 27,009,922. Bitfarms Ltd. has a twelve month low of $0.82 and a twelve month high of $3.91. The firm’s 50 day moving average price is $2.60 and its 200-day moving average price is $2.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market cap of $745.15 million, a PE ratio of -6.19 and a beta of 3.71.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the previous year, the business earned ($0.07) EPS. On average, analysts expect that Bitfarms Ltd. will post -0.17 earnings per share for the current 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.