Bitfarms Ltd. (NASDAQ:BITF) Position Lowered by XTX Topco Ltd

Key Points

• XTX Topco Ltd reduced its stake in Bitfarms Ltd. by 67.2%, selling over 300,000 shares during the first quarter, leaving them with shares worth approximately $116,000.
• Several large investors have increased their holdings in Bitfarms, with Cresset Asset Management increasing its stake by 54.6% during the fourth quarter.
• Bitfarms has a current market cap of $708.09 million and recently reported a quarterly revenue of $77.80 million, missing estimates by nearly $2 million.

XTX Topco Ltd decreased its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 67.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 147,025 shares of the company's stock after selling 301,113 shares during the period. XTX Topco Ltd's holdings in Bitfarms were worth $116,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Cresset Asset Management LLC lifted its position 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 purchasing an additional 9,795 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock worth $238,000 after purchasing an additional 14,865 shares during the last quarter. Insigneo Advisory Services LLC lifted its holdings in Bitfarms by 15.3% in the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock worth $202,000 after acquiring an additional 18,000 shares during the last quarter. TD Asset Management Inc lifted its holdings in Bitfarms by 5.0% in the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock worth $314,000 after acquiring an additional 19,089 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Bitfarms by 14.5% in the fourth quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company's stock worth $426,000 after acquiring an additional 36,449 shares during the last quarter. Institutional investors own 20.59% of the company's stock.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $1.27 on Friday. The firm's 50 day moving average is $1.04 and its two-hundred day moving average is $1.06. Bitfarms Ltd. has a 52 week low of $0.67 and a 52 week high of $2.76. The firm has a market capitalization of $708.09 million, a P/E ratio of -7.47 and a beta of 3.50. The company has a current ratio of 3.11, a quick ratio of 2.58 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly 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). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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