Legal & General Group Plc Cuts Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Legal & General Group Plc reduced its position in Bitfarms Ltd. (NASDAQ:BITF) by 13.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 356,356 shares of the company’s stock after selling 54,704 shares during the period. Legal & General Group Plc owned 0.08% of Bitfarms worth $528,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BITF. Invesco Ltd. raised its holdings in shares of Bitfarms by 9.3% during the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock worth $19,900,000 after acquiring an additional 1,140,037 shares in the last quarter. Hel Ved Capital Management Ltd purchased a new stake in Bitfarms during the fourth quarter valued at $626,000. Geode Capital Management LLC lifted its position in Bitfarms by 19.9% during the fourth quarter. Geode Capital Management LLC now owns 2,253,046 shares of the company’s stock valued at $3,339,000 after purchasing an additional 373,592 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Bitfarms in the 4th quarter worth $114,000. Finally, National Bank of Canada FI raised its position in shares of Bitfarms by 2,629.2% during 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. 20.59% of the stock is owned by institutional investors.

Bitfarms Stock Down 2.2 %

Shares of BITF opened at $1.00 on Wednesday. The firm has a market capitalization of $537.91 million, a P/E ratio of -2.77 and a beta of 3.74. Bitfarms Ltd. has a 12-month low of $0.67 and a 12-month high of $3.28. The firm has a fifty day moving average price of $0.98 and a 200-day moving average price of $1.53. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

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

Wall Street Analysts Forecast Growth

BITF has been the topic of several analyst reports. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research note on Thursday, March 27th. HC Wainwright decreased their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday, March 27th. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research note on Thursday, March 27th. Finally, Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Bitfarms has an average rating of “Moderate Buy” and an average target price of $3.84.

Bitfarms Company 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.