MMCAP International Inc. SPC Has $7.88 Million Stake in Bitfarms Ltd. $BITF

MMCAP International Inc. SPC lessened its stake in Bitfarms Ltd. (NASDAQ:BITF) by 57.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,795,298 shares of the company’s stock after selling 3,806,800 shares during the quarter. MMCAP International Inc. SPC’s holdings in Bitfarms were worth $7,883,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BITF. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the second quarter worth $43,000. Baker Avenue Asset Management LP purchased a new stake in shares of Bitfarms during the 2nd quarter worth about $50,000. SG Americas Securities LLC acquired a new stake in shares of Bitfarms during the 3rd quarter valued at about $51,000. PFG Investments LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $71,000. Finally, Creative Planning increased its holdings in Bitfarms by 54.0% in the second quarter. Creative Planning now owns 85,580 shares of the company’s stock worth $72,000 after buying an additional 30,000 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on BITF. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Wall Street Zen downgraded shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Cantor Fitzgerald increased their target price on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.04.

Bitfarms Price Performance

NASDAQ BITF opened at $2.03 on Monday. Bitfarms Ltd. has a 1 year low of $0.67 and a 1 year high of $6.60. The company has a fifty day simple moving average of $2.49 and a 200 day simple moving average of $2.73. 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 market cap of $1.22 billion, a P/E ratio of -8.83 and a beta of 3.81.

Bitfarms Company Profile

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.