Aurelius Capital Management LP Invests $19 Million in Bitfarms Ltd. $BITF

Key Points

• Aurelius Capital Management bought 6,737,261 shares of Bitfarms in Q3 — a stake worth about $19 million that represents 34.4% of Aurelius’s portfolio and roughly 1.2% ownership of Bitfarms.
• Bitfarms shares recently traded near $2.22 with a market cap of about $1.34 billion, a negative PE, low debt-to-equity (0.11), high beta (3.81), and strong current/quick ratios indicating liquidity but elevated volatility.
• Analyst coverage is mixed but leaning positive: seven Buys, one Hold and one Sell yield an average consensus rating of “Moderate Buy” and a consensus target price of $4.04.

Aurelius Capital Management LP bought a new stake in Bitfarms Ltd. (NASDAQ:BITF - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 6,737,261 shares of the company's stock, valued at approximately $18,999,000. Bitfarms accounts for 34.4% of Aurelius Capital Management LP's investment portfolio, making the stock its largest holding. Aurelius Capital Management LP owned about 1.20% of Bitfarms as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE purchased a new position in Bitfarms in the third quarter valued at $34,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the 2nd quarter worth about $43,000. Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms during the 2nd quarter valued at about $50,000. SG Americas Securities LLC purchased a new position in shares of Bitfarms in the 3rd quarter valued at about $51,000. Finally, Weaver Consulting Group purchased a new position in shares of Bitfarms in the 3rd quarter valued at about $57,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Trading Down 0.9%

Shares of Bitfarms stock opened at $2.22 on Friday. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. Bitfarms Ltd. has a twelve month low of $0.67 and a twelve month high of $6.60. The firm has a market capitalization of $1.34 billion, a PE ratio of -9.65 and a beta of 3.81. The firm's 50-day moving average price is $2.40 and its 200 day moving average price is $2.80.

Analyst Ratings Changes

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

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.

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