Bitfarms (BITF)

• Market cap: $794M
• 1 day: -0.59%
• 5 days: -14.72%
• 1 month: -22.58%
• 3 months: -16.00%
• 6 months: -46.15%
• Year to date: -40.85%
• 1 year: -38.24%
• 5 years: -57.58%
• 10 years: -57.58%

About: Bitfarms Ltd engaged in the cryptocurrency Mining industry mainly consists of selling its computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. Its geographic operations are currently located in Canada, the United States, Argentina, and Paraguay. It owns and operates server farms comprised of computers designed to validate transactions on the Bitcoin Blockchain.

Employees: 170

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

95% more call options, than puts

Call options by funds: $16.3M | Put options by funds: $8.4M

50% more first-time investments, than exits

New positions opened: 30 | Existing positions closed: 20

8% more funds holding

Funds holding: 133 [Q2] → 143 (+10) [Q3]

5.22% less ownership

Funds ownership: 21.44% [Q2] → 16.22% (-5.22%) [Q3]

30% less capital invested

Capital invested by funds: $220M [Q2] → $155M (-$65.2M) [Q3]

38% less repeat investments, than reductions

Existing positions increased: 29 | Existing positions reduced: 47

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $4 138% upside
• Avg. target: $5 198% upside
• High target: $6 257% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

Alliance Global Partners Brian Kinstlinger 52% 1-year accuracy 11 / 21 met price target	257% upside $6	Buy Initiated	4 Dec 2024
HC Wainwright & Co. Mike Colonnese 62% 1-year accuracy 38 / 61 met price target	138% upside $4	Buy Reiterated	14 Nov 2024
Cantor Fitzgerald Brett Knoblauch 70% 1-year accuracy 54 / 77 met price target	198% upside $5	Overweight Reiterated	3 Oct 2024