BIT Capital GmbH Cuts Stock Position in Bitfarms Ltd. (NASDAQ:BITF)

Key Points

• BIT Capital GmbH reduced its stake in Bitfarms Ltd. by 19.7% in the first quarter, now holding 5,203,749 shares valued at approximately $4.1 million.
• Several institutional investors, including Invesco and Vident Advisory LLC, increased their holdings in Bitfarms, with Vident seeing an 87.6% increase during the last quarter.
• Bitfarms reported a quarterly earnings per share matching analysts' estimates at ($0.04), with revenue of $66.85 million, slightly below the expected $67.17 million.

BIT Capital GmbH decreased its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 19.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,203,749 shares of the company's stock after selling 1,280,518 shares during the period. Bitfarms accounts for about 0.4% of BIT Capital GmbH's holdings, making the stock its 25th largest position. BIT Capital GmbH owned about 0.97% of Bitfarms worth $4,102,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. National Bank of Canada FI lifted its stake in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares during the period. Arkadios Wealth Advisors acquired a new stake in Bitfarms during the 1st quarter worth $39,000. Cresset Asset Management LLC increased its holdings in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after purchasing an additional 9,795 shares in the last quarter. Theory Financial LLC bought a new position in Bitfarms during the 1st quarter worth about $48,000. Finally, Headlands Technologies LLC bought a new stake in shares of Bitfarms during the fourth quarter worth approximately $114,000. Institutional investors and hedge funds own 20.59% of the company's stock.

Analysts Set New Price Targets

BITF has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Jones Trading began coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $3.95.

Bitfarms Price Performance

Shares of NASDAQ BITF traded up $0.02 during mid-day trading on Thursday, reaching $1.29. 14,083,329 shares of the company were exchanged, compared to its average volume of 25,740,279. The stock has a market capitalization of $716.45 million, a PE ratio of -6.71 and a beta of 3.50. The company's 50 day moving average price is $1.00 and its 200 day moving average price is $1.08. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $2.76. The company has a quick ratio of 2.58, a current ratio of 2.64 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The company had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. Sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal 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.