317,325 Shares in Bitfarms Ltd. (NASDAQ:BITF) Purchased by K2 Principal Fund L.P.

K2 Principal Fund L.P. purchased a new stake in Bitfarms Ltd. (NASDAQ:BITF) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 317,325 shares of the company’s stock, valued at approximately $816,000. K2 Principal Fund L.P. owned approximately 0.08% of Bitfarms as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC increased its holdings in Bitfarms by 39.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock valued at $70,000 after purchasing an additional 6,837 shares in the last quarter. Chesapeake Capital Corp IL acquired a new position in Bitfarms during the 4th quarter worth approximately $118,000. Shariaportfolio Inc. acquired a new position in Bitfarms during the fourth quarter worth $2,051,000. Vima LLC acquired a new position in Bitfarms during the fourth quarter valued at approximately $91,000. Finally, Evanson Asset Management LLC raised its stake in shares of Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after purchasing an additional 10,457 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

BITF has been the subject of a number of analyst reports. Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price objective for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Trading Up 2.5 %

Shares of NASDAQ:BITF opened at $2.05 on Tuesday. The company has a market capitalization of $839.08 million, a P/E ratio of -5.39 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The business’s 50 day simple moving average is $2.28 and its 200 day simple moving average is $2.25. Bitfarms Ltd. has a 1 year low of $0.92 and a 1 year high of $3.91.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The company had revenue of $41.55 million during the quarter, compared to the consensus estimate of $44.59 million. On average, research analysts anticipate that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

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.