Intact Investment Management Inc. Invests $768,000 in Bitfarms Ltd. $BITF

Intact Investment Management Inc. purchased a new stake in shares of Bitfarms Ltd. (NASDAQ:BITF) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 272,100 shares of the company’s stock, valued at approximately $768,000.

Several other large investors have also recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Bitfarms by 108.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after purchasing an additional 144,593 shares during the period. Voya Investment Management LLC acquired a new stake in shares of Bitfarms during the third quarter worth approximately $2,349,000. Chicago Partners Investment Group LLC acquired a new stake in shares of Bitfarms during the second quarter worth approximately $161,000. Thames Capital Management LLC purchased a new position in Bitfarms during the third quarter valued at approximately $19,834,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Bitfarms in the 2nd quarter valued at approximately $211,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Stock Down 5.5%

Shares of BITF stock opened at $2.59 on Tuesday. The stock’s 50 day simple moving average is $2.77 and its 200 day simple moving average is $2.60. Bitfarms Ltd. has a twelve month low of $0.67 and a twelve month 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 $1.55 billion, a price-to-earnings ratio of -11.26 and a beta of 3.81.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The company had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. As a group, research analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on BITF shares. Northland Securities set a $7.00 price target on shares of Bitfarms in a report on Monday, October 13th. Wall Street Zen downgraded Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Cantor Fitzgerald lifted their price target on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

About Bitfarms

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.