MMCAP International Inc. SPC Decreases Stock Holdings in Bitfarms Ltd. $BITF

MMCAP International Inc. SPC trimmed its stake in shares of Bitfarms Ltd. (NASDAQ:BITF) by 39.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,695,298 shares of the company’s stock after selling 1,100,000 shares during the period. MMCAP International Inc. SPC owned approximately 0.28% of Bitfarms worth $3,984,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Western Wealth Management LLC increased its holdings in Bitfarms by 12.8% during the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares during the last quarter. Compagnie Lombard Odier SCmA increased its holdings in Bitfarms by 3.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 180,200 shares of the company’s stock valued at $425,000 after buying an additional 5,200 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Bitfarms by 144.7% during the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after buying an additional 6,510 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Bitfarms by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock valued at $811,000 after buying an additional 9,713 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in Bitfarms by 36.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock valued at $111,000 after buying an additional 10,619 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BITF has been the subject of a number of research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. HC Wainwright reduced their target price on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating for the company in a report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus target price of $4.14.

Bitfarms Stock Up 3.7%

Shares of BITF stock opened at $4.81 on Wednesday. Bitfarms Ltd. has a 12 month low of $0.70 and a 12 month high of $6.60. The stock has a market cap of $2.90 billion, a P/E ratio of -20.91 and a beta of 3.77. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The company has a 50 day simple moving average of $2.99 and a two-hundred day simple moving average of $2.73.

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.