Voya Investment Management LLC Buys Shares of 832,985 Bitfarms Ltd. $BITF

Voya Investment Management LLC purchased a new stake in shares of Bitfarms Ltd. (NASDAQ:BITF) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 832,985 shares of the company’s stock, valued at approximately $2,349,000.

Several other large investors also recently modified their holdings of the company. Vident Advisory LLC increased its position in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. Invesco Ltd. increased its position in shares of Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock valued at $11,120,000 after purchasing an additional 3,806,810 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bitfarms by 52.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock worth $3,002,000 after purchasing an additional 1,306,212 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company’s stock worth $4,316,000 after purchasing an additional 1,223,201 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Bitfarms in the second quarter worth approximately $211,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Down 7.1%

BITF opened at $2.48 on Friday. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -10.78 and a beta of 3.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The firm’s fifty day moving average is $3.23 and its 200 day moving average is $2.31. Bitfarms Ltd. has a fifty-two week low of $0.67 and a fifty-two week high of $6.60.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BITF has been the topic of several recent research reports. Macquarie reiterated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Compass Point started coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Wall Street Zen cut Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Cantor Fitzgerald lifted their price objective on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

Bitfarms Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.