Bitfarms Ltd. (NASDAQ:BITF) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp raised its stake in Bitfarms Ltd. (NASDAQ:BITF) by 67.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 153,189 shares of the company’s stock after buying an additional 61,624 shares during the period. Mackenzie Financial Corp’s holdings in Bitfarms were worth $395,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Tidal Investments LLC increased its stake in Bitfarms by 58.4% in the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after acquiring an additional 1,404,895 shares in the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 51.4% in the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the period. Marshall Wace LLP acquired a new stake in Bitfarms during the 2nd quarter valued at $4,016,000. Finally, Quadrature Capital Ltd acquired a new stake in Bitfarms during the 1st quarter valued at $1,640,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BITF. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Trading Up 2.5 %

Shares of NASDAQ BITF opened at $2.02 on Friday. The stock has a market cap of $826.80 million, a price-to-earnings ratio of -5.32 and a beta of 3.63. The business has a 50 day simple moving average of $2.16 and a 200 day simple moving average of $2.24. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. Bitfarms Ltd. has a 52 week low of $0.92 and a 52 week high of $3.91.

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