Bitfarms Ltd. (NASDAQ:BITF) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its stake in Bitfarms Ltd. (NASDAQ:BITF) by 51.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,331,961 shares of the company’s stock after selling 2,444,951 shares during the period. Millennium Management LLC owned 0.57% of Bitfarms worth $6,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BITF. VitalStone Financial LLC purchased a new stake in Bitfarms in the 1st quarter valued at approximately $37,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter valued at $38,000. Shell Asset Management Co. acquired a new stake in shares of Bitfarms during the 1st quarter worth $43,000. CCG Wealth Management LLC purchased a new position in shares of Bitfarms in the 1st quarter worth $50,000. Finally, Evanson Asset Management LLC boosted its holdings in Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after acquiring an additional 10,457 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

Bitfarms stock opened at $1.75 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The firm’s fifty day moving average price is $2.10 and its 200 day moving average price is $2.22. The company has a market capitalization of $716.29 million, a price-to-earnings ratio of -4.61 and a beta of 3.63. Bitfarms Ltd. has a 12-month low of $0.92 and a 12-month high of $3.91.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The firm had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. On average, research analysts forecast that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on BITF shares. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $3.66.

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.