Shariaportfolio Inc. Sells 32,335 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Shariaportfolio Inc. cut its holdings in Bitfarms Ltd. (NASDAQ:BITF) by 35.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,775 shares of the company’s stock after selling 32,335 shares during the period. Shariaportfolio Inc.’s holdings in Bitfarms were worth $139,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Tidal Investments LLC grew its stake in Bitfarms by 58.4% during the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the period. Van ECK Associates Corp grew its position in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after buying an additional 1,404,895 shares during the period. Vident Advisory LLC increased its stake in shares of Bitfarms by 51.4% in the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after acquiring an additional 885,217 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Bitfarms during the 1st quarter valued at $1,640,000. Finally, Cetera Investment Advisers bought a new position in Bitfarms during the first quarter worth $1,558,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $2.04 on Wednesday. The stock has a market cap of $834.99 million, a price-to-earnings ratio of -5.37 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. Bitfarms Ltd. has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The firm’s 50-day simple moving average is $2.32 and its 200 day simple moving average is $2.27.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on BITF. Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price target for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, August 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average target price of $3.66.

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.