Millennium Management LLC Trims Stock Holdings in Bitfarms Ltd. (NASDAQ:BITF)

Millennium Management LLC decreased its position in Bitfarms Ltd. (NASDAQ:BITF - Free Report) by 51.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,331,961 shares of the company's stock after selling 2,444,951 shares during the quarter. Millennium Management LLC owned approximately 0.57% of Bitfarms worth $6,011,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research analysts have issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued 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. According to data from MarketBeat.com, Bitfarms has an average rating of "Moderate Buy" and an average target price of $3.66.

Bitfarms Trading Up 5.7 %

BITF traded up $0.10 during trading on Friday, hitting $1.85. 14,500,680 shares of the company's stock traded hands, compared to its average volume of 21,776,887. The company's 50 day simple moving average is $2.10 and its two-hundred day simple moving average is $2.22. Bitfarms Ltd. has a 12-month low of $0.92 and a 12-month high of $3.91. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. As a group, equities analysts expect that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Bitfarms Company 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.