BIT Capital GmbH Has $4.10 Million 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 lessened its stake in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,203,749 shares of the company's stock after selling 1,280,518 shares during the period. Bitfarms comprises 0.4% of BIT Capital GmbH's portfolio, making the stock its 25th biggest holding. BIT Capital GmbH owned approximately 0.97% of Bitfarms worth $4,102,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BITF. Invesco Ltd. lifted its stake in Bitfarms by 9.3% during the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock worth $19,900,000 after purchasing an additional 1,140,037 shares during the period. Vident Advisory LLC lifted its stake in Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after purchasing an additional 2,828,703 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bitfarms by 23.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,270,442 shares of the company's stock worth $6,327,000 after buying an additional 819,107 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Bitfarms by 19.9% during the fourth 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 in the last quarter. Finally, Paloma Partners Management Co increased its holdings in shares of Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock worth $2,685,000 after buying an additional 1,551,900 shares in the last quarter. Institutional investors own 20.59% of the company's stock.

Bitfarms Trading Down 2.1%

BITF traded down $0.03 during trading on Tuesday, reaching $1.18. 8,305,891 shares of the company's stock were exchanged, compared to its average volume of 25,725,512. The company's fifty day moving average price is $0.99 and its 200-day moving average price is $1.08. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. Bitfarms Ltd. has a fifty-two week low of $0.67 and a fifty-two week high of $2.76. The firm has a market capitalization of $655.12 million, a PE ratio of -6.18 and a beta of 3.49.

Bitfarms (NASDAQ:BITF - Get Free Report) last released 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 firm had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. As a group, equities analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Wall Street Analyst Weigh In

BITF has been the subject of several recent analyst reports. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Jones Trading assumed coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms presently has a consensus rating of "Buy" and a consensus 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.