Bitfarms Ltd. (NASDAQ:BITF) Shares Acquired by MMCAP International Inc. SPC

MMCAP International Inc. SPC lifted its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 617.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,352,745 shares of the company’s stock after purchasing an additional 11,492,650 shares during the period. Bitfarms comprises about 3.1% of MMCAP International Inc. SPC’s holdings, making the stock its 11th largest position. MMCAP International Inc. SPC owned 2.95% of Bitfarms worth $19,896,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC acquired a new position in Bitfarms in the 3rd quarter valued at about $25,000. Money Concepts Capital Corp acquired a new position in Bitfarms in the 4th quarter valued at about $30,000. Guided Capital Wealth Management LLC acquired a new position in Bitfarms in the 4th quarter valued at about $30,000. Olympiad Research LP acquired a new position in Bitfarms in the 4th quarter valued at about $36,000. Finally, Lifeworks Advisors LLC acquired a new position in Bitfarms in the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Performance

NASDAQ BITF opened at $1.13 on Wednesday. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $1.53 and its two-hundred day moving average is $1.89. Bitfarms Ltd. has a 12-month low of $1.09 and a 12-month high of $3.91. The stock has a market capitalization of $541.64 million, a price-to-earnings ratio of -3.14 and a beta of 3.65.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BITF shares. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Profile

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.