Wellington Management Group LLP Has $57,000 Stake in Bitfarms Ltd. (NASDAQ:BITF)

Wellington Management Group LLP trimmed its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 65.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,701 shares of the company’s stock after selling 71,976 shares during the period. Wellington Management Group LLP’s holdings in Bitfarms were worth $57,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BITF. Lifeworks Advisors LLC lifted its holdings in Bitfarms by 42.4% in the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock valued at $37,000 after buying an additional 7,339 shares during the period. Cresset Asset Management LLC lifted its holdings in Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock valued at $41,000 after buying an additional 9,795 shares during the period. Mackenzie Financial Corp lifted its holdings in Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock valued at $238,000 after buying an additional 14,865 shares during the period. Insigneo Advisory Services LLC lifted its holdings in Bitfarms by 15.3% in the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company’s stock valued at $202,000 after buying an additional 18,000 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Bitfarms by 2,629.2% in the fourth 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 during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Trading Up 4.3%

BITF opened at $0.90 on Monday. The firm’s fifty day moving average is $0.95 and its two-hundred day moving average is $1.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm has a market cap of $496.67 million, a PE ratio of -2.49 and a beta of 3.54. Bitfarms Ltd. has a twelve month low of $0.67 and a twelve month high of $3.28.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. Equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on BITF. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a report on Thursday, March 27th. HC Wainwright restated a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $4.44.

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.