Baader Bank Aktiengesellschaft Purchases 369,192 Shares of Bitfarms Ltd. $BITF

Baader Bank Aktiengesellschaft increased its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 257.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 512,697 shares of the company’s stock after purchasing an additional 369,192 shares during the period. Baader Bank Aktiengesellschaft owned approximately 0.09% of Bitfarms worth $1,426,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BITF. Truefg LLC bought a new stake in Bitfarms in the third quarter worth about $73,000. Western Wealth Management LLC grew its stake in shares of Bitfarms by 12.8% during the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Bitfarms by 36.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock worth $111,000 after buying an additional 10,619 shares during the period. Intact Investment Management Inc. bought a new stake in shares of Bitfarms during the 3rd quarter worth approximately $768,000. Finally, PFG Investments LLC purchased a new position in Bitfarms during the 3rd quarter valued at $71,000. 20.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BITF. B. Riley Financial reaffirmed a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price target (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Wall Street Zen downgraded shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Cantor Fitzgerald boosted their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 target price (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Trading Down 2.7%

NASDAQ BITF opened at $2.20 on Wednesday. Bitfarms Ltd. has a one year low of $0.67 and a one year high of $6.60. 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 company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -9.57 and a beta of 3.81. The company’s 50-day simple moving average is $2.63 and its two-hundred day simple moving average is $2.68.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The firm had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

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.