Monarch Alternative Capital LP Invests $13.94 Million in Bitfarms Ltd. $BITF

Monarch Alternative Capital LP purchased a new position in Bitfarms Ltd. (NASDAQ:BITF) in the first quarter, HoldingsChannel reports. The fund purchased 7,150,000 shares of the company’s stock, valued at approximately $13,942,000. Bitfarms makes up about 0.9% of Monarch Alternative Capital LP’s portfolio, making the stock its 5th biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its holdings in Bitfarms by 144.7% in the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after acquiring an additional 6,510 shares in the last quarter. Equitable Holdings Inc. acquired a new position in Bitfarms during the 4th quarter worth $27,000. US Bancorp DE acquired a new position in Bitfarms during the 3rd quarter worth $34,000. Laidlaw Wealth Management LLC bought a new stake in shares of Bitfarms in the 1st quarter worth about $25,000. Finally, State of Wisconsin Investment Board bought a new stake in shares of Bitfarms in the 4th quarter worth about $32,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Stock Performance

Shares of BITF opened at $4.26 on Tuesday. The stock has a market capitalization of $2.57 billion, a PE ratio of -18.52 and a beta of 3.77. The business’s fifty day moving average price is $5.21 and its 200 day moving average price is $3.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. Bitfarms Ltd. has a 12-month low of $0.70 and a 12-month high of $6.60.

Analyst Ratings Changes

Separately, HC Wainwright reduced their price target on shares of Bitfarms from $4.00 to $3.70 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.67.

Bitfarms Company Profile

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.