MMCAP International Inc. SPC Increases Holdings in Bitfarms Ltd. (NASDAQ:BITF)

MMCAP International Inc. SPC lifted its position in shares of Bitfarms Ltd. (NASDAQ:BITF) by 617.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,352,745 shares of the company’s stock after acquiring an additional 11,492,650 shares during the quarter. Bitfarms accounts for about 3.1% of MMCAP International Inc. SPC’s holdings, making the stock its 11th biggest position. MMCAP International Inc. SPC’s holdings in Bitfarms were worth $19,896,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter valued at approximately $25,000. Lifeworks Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter valued at approximately $37,000. Money Concepts Capital Corp purchased a new stake in Bitfarms in the 4th quarter valued at approximately $30,000. Guided Capital Wealth Management LLC purchased a new stake in Bitfarms in the 4th quarter valued at approximately $30,000. Finally, Chesapeake Capital Corp IL lifted its stake in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Wall Street Analyst Weigh In

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

Bitfarms Trading Down 8.9 %

BITF stock opened at $1.13 on Wednesday. The company has a market cap of $541.64 million, a price-to-earnings ratio of -3.14 and a beta of 3.65. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $1.53 and a 200-day simple moving average of $1.89. Bitfarms Ltd. has a 52 week low of $1.09 and a 52 week high of $3.91.

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.