Hel Ved Capital Management Ltd Takes Position in Bitfarms Ltd. (NASDAQ:BITF)

Hel Ved Capital Management Ltd bought a new position in shares of Bitfarms Ltd. (NASDAQ:BITF) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 420,000 shares of the company’s stock, valued at approximately $626,000. Hel Ved Capital Management Ltd owned approximately 0.09% of Bitfarms as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. HighTower Advisors LLC purchased a new stake in Bitfarms during the 3rd quarter worth approximately $25,000. Money Concepts Capital Corp purchased a new stake in shares of Bitfarms during the fourth quarter worth approximately $30,000. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms during the fourth quarter worth approximately $30,000. National Bank of Canada FI lifted its holdings in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in Bitfarms in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Trading Down 6.4 %

BITF opened at $0.77 on Friday. The stock has a market capitalization of $368.22 million, a PE ratio of -2.13 and a beta of 3.68. Bitfarms Ltd. has a one year low of $0.72 and a one year high of $3.28. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The business’s 50 day moving average price is $1.19 and its 200 day moving average price is $1.68.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07. The company had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. As a group, equities research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research report on Thursday, March 27th. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Thursday, March 27th. HC Wainwright dropped their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.86.

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.