Marshall Wace LLP Invests $4.02 Million in Bitfarms Ltd. (NASDAQ:BITF)

Marshall Wace LLP purchased a new stake in shares of Bitfarms Ltd. (NASDAQ:BITF) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,562,471 shares of the company’s stock, valued at approximately $4,016,000. Marshall Wace LLP owned approximately 0.38% of Bitfarms at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Evanson Asset Management LLC lifted its position in Bitfarms by 58.1% in 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. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the second quarter valued at $38,000. VitalStone Financial LLC acquired a new stake in Bitfarms during the 1st quarter worth about $37,000. Shell Asset Management Co. acquired a new stake in shares of Bitfarms during the first quarter worth approximately $43,000. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bitfarms during the 1st quarter valued at $50,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BITF shares. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Price Performance

NASDAQ:BITF opened at $1.98 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. Bitfarms Ltd. has a one year low of $0.92 and a one year high of $3.91. The company has a fifty day moving average price of $2.18 and a 200 day moving average price of $2.24. The stock has a market cap of $810.43 million, a P/E ratio of -5.21 and a beta of 3.64.

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

Bitfarms 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.