ExodusPoint Capital Management LP Trims Stake in Bitfarms Ltd. (NASDAQ:BITF)

ExodusPoint Capital Management LP decreased its position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 83.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,000 shares of the company's stock after selling 395,304 shares during the quarter. ExodusPoint Capital Management LP's holdings in Bitfarms were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of BITF. MMCAP International Inc. SPC increased its stake in Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after purchasing an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp boosted its position in Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock worth $18,705,000 after purchasing an additional 6,477,985 shares during the period. State Street Corp raised its position in shares of Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after purchasing an additional 63,916 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Bitfarms by 121.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock valued at $3,728,000 after buying an additional 1,370,102 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Bitfarms by 19.9% in the 4th quarter. Geode Capital Management LLC now owns 2,253,046 shares of the company's stock worth $3,339,000 after buying an additional 373,592 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BITF has been the topic of a number of recent analyst reports. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research note on Thursday, March 27th. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. Finally, HC Wainwright reduced their price objective on Bitfarms from $4.00 to $3.50 and set a "buy" rating on the stock in a research report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Bitfarms presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.86.

Bitfarms Trading Up 1.5 %

Bitfarms stock traded up $0.01 during trading hours on Friday, reaching $0.84. The company had a trading volume of 5,684,339 shares, compared to its average volume of 28,598,714. The firm has a market cap of $452.93 million, a price-to-earnings ratio of -2.33 and a beta of 3.74. Bitfarms Ltd. has a 12-month low of $0.67 and a 12-month high of $3.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a 50-day moving average price of $1.04 and a 200 day moving average price of $1.57.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.07. The business had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Bitfarms Company 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.