Continental General Insurance Co. Makes New Investment in Bitfarms Ltd. $BITF

Key Points

• Continental General Insurance Co. acquired 2,695,233 shares of Bitfarms Ltd. valued at approximately $2.1 million, making it <0.7% of their total holdings.
• Bitfarms reported a quarterly EPS of ($0.02), which missed consensus estimates, alongside a revenue of $77.8 million, lower than the expected $79.78 million.
• Multiple hedge funds increased their stakes in Bitfarms, with some reporting significant growth in ownership, such as Paloma Partners Management Co., which raised its position by 620.8%.

Continental General Insurance Co. purchased a new position in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,695,233 shares of the company's stock, valued at approximately $2,124,000. Bitfarms comprises about 0.7% of Continental General Insurance Co.'s holdings, making the stock its 9th largest holding. Continental General Insurance Co. owned 0.50% of Bitfarms at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BITF. Arkadios Wealth Advisors bought a new stake in shares of Bitfarms during the first quarter worth approximately $39,000. Cresset Asset Management LLC raised its stake in shares of Bitfarms by 54.6% during the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after buying an additional 9,795 shares during the last quarter. Theory Financial LLC bought a new stake in shares of Bitfarms during the first quarter worth approximately $48,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Bitfarms by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock worth $105,000 after acquiring an additional 13,378 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Bitfarms by 69.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock worth $117,000 after acquiring an additional 61,085 shares during the last quarter. 20.59% of the stock is owned by institutional investors.

Bitfarms Stock Up 1.5%

BITF stock traded up $0.02 during mid-day trading on Monday, hitting $1.34. 23,223,164 shares of the company were exchanged, compared to its average volume of 25,909,034. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm has a market cap of $745.24 million, a P/E ratio of -7.88 and a beta of 3.50. The firm's 50 day simple moving average is $1.14 and its 200 day simple moving average is $1.05. Bitfarms Ltd. has a 1-year low of $0.67 and a 1-year high of $2.76.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, sell-side analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BITF has been the topic of several recent analyst reports. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Jones Trading initiated coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective on the stock. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $3.95.

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.