MMCAP International Inc. SPC Sells 1,500,000 Shares of Bitfarms Ltd. (NASDAQ:BITF)

Key Points

• MMCAP International Inc. SPC reduced its stake in Bitfarms Ltd. by 11.2%, selling 1.5 million shares, which now comprise approximately 1.6% of its total holdings.
• Bitfarms’ stock has seen a decline of 3.1%, currently trading at $1.24, with a market cap of $691.36 million and a negative price-to-earnings ratio of -6.53.
• A consensus of analysts has given Bitfarms a "buy" rating with a target price of $3.95, reflecting positive outlook on the company's performance despite current struggles.

MMCAP International Inc. SPC lowered its stake in shares of Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 11.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,852,745 shares of the company's stock after selling 1,500,000 shares during the period. Bitfarms makes up 1.6% of MMCAP International Inc. SPC's portfolio, making the stock its 19th biggest position. MMCAP International Inc. SPC owned approximately 2.20% of Bitfarms worth $9,342,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cresset Asset Management LLC raised 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 period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after buying an additional 13,378 shares during the last quarter. Mackenzie Financial Corp raised its position in Bitfarms by 10.0% in the 4th quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock valued at $238,000 after buying an additional 14,865 shares during the last quarter. Insigneo Advisory Services LLC raised its position in Bitfarms by 15.3% in the 4th quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock valued at $202,000 after buying an additional 18,000 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in Bitfarms by 5.0% in the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after purchasing an additional 19,089 shares in the last quarter. Institutional investors own 20.59% of the company's stock.

Bitfarms Price Performance

Shares of Bitfarms stock traded down $0.04 during trading on Thursday, reaching $1.24. 20,118,412 shares of the company's stock were exchanged, compared to its average volume of 25,818,744. 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 1-year low of $0.67 and a 1-year high of $2.76. The company has a market cap of $688.57 million, a P/E ratio of -7.26 and a beta of 3.50. The firm's 50-day moving average price is $1.03 and its 200 day moving average price is $1.07.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 10.15% and a negative net margin of 35.09%. The business had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. As a group, research analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BITF. Jones Trading started coverage on Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently 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.