Insigneo Advisory Services LLC Has $307,000 Stake in Bitfarms Ltd. (NASDAQ:BITF)

Insigneo Advisory Services LLC reduced its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 119,300 shares of the company’s stock after selling 6,890 shares during the quarter. Insigneo Advisory Services LLC’s holdings in Bitfarms were worth $307,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Shariaportfolio Inc. acquired a new stake in Bitfarms in the 4th quarter valued at approximately $2,051,000. Vima LLC bought a new position in Bitfarms during the fourth quarter worth $91,000. Evanson Asset Management LLC raised its stake in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after purchasing an additional 10,457 shares during the last quarter. CCG Wealth Management LLC acquired a new position in Bitfarms during the 1st quarter valued at $50,000. Finally, VitalStone Financial LLC bought a new stake in Bitfarms in the 1st quarter valued at $37,000. 20.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BITF has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Up 2.3 %

Shares of BITF opened at $2.25 on Friday. Bitfarms Ltd. has a 12 month low of $0.92 and a 12 month high of $3.91. The stock has a market cap of $920.94 million, a price-to-earnings ratio of -5.92 and a beta of 3.64. The company has a 50-day moving average price of $2.23 and a two-hundred day moving average price of $2.25. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. The business had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. Equities analysts predict that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

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.