Bitfarms Ltd. $BITF Shares Sold by MMCAP International Inc. SPC

Key Points

• MMCAP International cut its Bitfarms stake by 57.7%, selling 3,806,800 shares and leaving 2,795,298 shares valued at about $7.88M.
• Other institutions showed mixed moves—Thames Capital opened a new position of roughly $19.8M, Mitsubishi UFJ increased holdings by 108.5%, and Baader Bank lifted its stake by 257.3%—with institutional ownership around 20.6%.
• Analysts are divided but overall sanguine: the consensus is a "Moderate Buy" with an average price target of $4.04 (7 Buys, 1 Hold, 1 Sell), while recent reports range from Cantor Fitzgerald's $5 overweight to Wall Street Zen's downgrade to sell.

MMCAP International Inc. SPC cut its holdings in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 57.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,795,298 shares of the company's stock after selling 3,806,800 shares during the period. MMCAP International Inc. SPC owned approximately 0.50% of Bitfarms worth $7,883,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BITF. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Bitfarms by 108.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company's stock valued at $233,000 after purchasing an additional 144,593 shares during the period. Voya Investment Management LLC bought a new position in Bitfarms in the 3rd quarter valued at about $2,349,000. Thames Capital Management LLC acquired a new position in Bitfarms during the 3rd quarter valued at about $19,834,000. Chicago Partners Investment Group LLC bought a new stake in shares of Bitfarms during the 2nd quarter worth about $161,000. Finally, Baader Bank Aktiengesellschaft lifted its stake in shares of Bitfarms by 257.3% in the 3rd quarter. Baader Bank Aktiengesellschaft now owns 512,697 shares of the company's stock worth $1,426,000 after acquiring an additional 369,192 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Bitfarms Stock Performance

Shares of BITF opened at $2.03 on Monday. The company has a 50-day moving average of $2.49 and a two-hundred day moving average of $2.73. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -8.83 and a beta of 3.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. Bitfarms Ltd. has a one year low of $0.67 and a one year high of $6.60.

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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