Bitfarms Ltd. (NASDAQ:BITF) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers trimmed its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF) by 19.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 779,078 shares of the company’s stock after selling 184,715 shares during the period. Cetera Investment Advisers owned about 0.14% of Bitfarms worth $614,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Cresset Asset Management LLC increased 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 last quarter. Theory Financial LLC acquired a new position in shares of Bitfarms in the 1st quarter worth approximately $48,000. SBI Securities Co. Ltd. increased its holdings in shares of Bitfarms by 69.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock valued at $117,000 after acquiring an additional 61,085 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Bitfarms by 26.2% in the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company’s stock valued at $140,000 after acquiring an additional 37,000 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Bitfarms during the 4th quarter valued at approximately $153,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. Jones Trading started coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a “buy” rating and a $2.00 target price on the stock. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $3.95.

Bitfarms Trading Down 0.8%

NASDAQ:BITF opened at $1.26 on Friday. The stock has a fifty day simple moving average of $1.05 and a 200 day simple moving average of $1.06. The company has a quick ratio of 2.58, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $702.51 million, a price-to-earnings ratio of -7.41 and a beta of 3.50. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $2.76.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. Sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

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.