Bank of Montreal Can Sells 45,000 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Bank of Montreal Can decreased its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 631,465 shares of the company’s stock after selling 45,000 shares during the period. Bank of Montreal Can owned about 0.14% of Bitfarms worth $934,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Lifeworks Advisors LLC raised its position in shares of Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock worth $37,000 after acquiring an additional 7,339 shares in the last quarter. HighTower Advisors LLC bought a new position in Bitfarms in the third quarter worth about $25,000. Impact Partnership Wealth LLC lifted its position in shares of Bitfarms by 26.1% during the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company’s stock valued at $132,000 after buying an additional 18,378 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after buying an additional 19,877 shares in the last quarter. Finally, Guided Capital Wealth Management LLC purchased a new position in shares of Bitfarms in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BITF. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research note on Thursday, March 27th. HC Wainwright lowered their price objective on Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Thursday, March 27th. Keefe, Bruyette & Woods began coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a report on Thursday, March 27th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $3.86.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $0.84 on Friday. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $3.28. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The firm has a market cap of $452.93 million, a P/E ratio of -2.33 and a beta of 3.74. The business’s 50 day moving average price is $1.04 and its 200 day moving average price is $1.57.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. On average, sell-side analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Bitfarms 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.