Monarch Alternative Capital LP Purchases New Position in Bitfarms Ltd. $BITF

Key Points

• Monarch Alternative Capital acquired 7.15 million Bitfarms shares worth approximately $13.9 million, giving it a 1.19% stake and making Bitfarms its fifth-largest portfolio holding.
• Institutional investors and hedge funds own 20.59% of Bitfarms, with several firms increasing their positions during the latest reporting periods.
• Bitfarms shares opened at $4.26 after an 11.4% decline. Analysts maintain a “Moderate Buy” consensus, with a $4.67 average price target despite HC Wainwright cutting its target to $3.70.

Monarch Alternative Capital LP acquired a new stake in Bitfarms Ltd. (NASDAQ:BITF - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,150,000 shares of the company's stock, valued at approximately $13,942,000. Bitfarms accounts for approximately 0.9% of Monarch Alternative Capital LP's investment portfolio, making the stock its 5th biggest holding. Monarch Alternative Capital LP owned about 1.19% of Bitfarms at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers grew its stake in shares of Bitfarms by 0.4% in the first quarter. Cetera Investment Advisers now owns 877,307 shares of the company's stock valued at $1,711,000 after buying an additional 3,265 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Bitfarms by 39.5% during the 1st quarter. Bank of New York Mellon Corp now owns 14,659 shares of the company's stock valued at $29,000 after buying an additional 4,154 shares during the period. Compagnie Lombard Odier SCmA lifted its position in Bitfarms by 3.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 180,200 shares of the company's stock worth $425,000 after acquiring an additional 5,200 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company's stock worth $26,000 after acquiring an additional 6,510 shares in the last quarter. Finally, CI Investments Inc. lifted its position in Bitfarms by 16.5% during the 1st quarter. CI Investments Inc. now owns 50,996 shares of the company's stock worth $99,000 after acquiring an additional 7,235 shares in the last quarter. Institutional investors and hedge funds own 20.59% of the company's stock.

Bitfarms Stock Down 11.4%

Shares of Bitfarms stock opened at $4.26 on Tuesday. Bitfarms Ltd. has a 1-year low of $0.70 and a 1-year high of $6.60. The company has a market capitalization of $2.57 billion, a PE ratio of -18.52 and a beta of 3.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The business has a 50-day moving average of $5.21 and a 200-day moving average of $3.50.

Wall Street Analyst Weigh In

Separately, HC Wainwright lowered their price objective on shares of Bitfarms from $4.00 to $3.70 and set a "buy" rating for the company in a research report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bitfarms has an average rating of "Moderate Buy" and a consensus price target of $4.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.