Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 45,090,000 shares, an increase of 6.0% from the November 15th total of 42,540,000 shares. Based on an average trading volume of 32,840,000 shares, the short-interest ratio is presently 1.4 days. Currently, 11.9% of the shares of the company are sold short.

Bitfarms Stock Up 5.7 %

Shares of NASDAQ:BITF traded up $0.11 on Monday, hitting $2.04. 6,079,027 shares of the company’s stock were exchanged, compared to its average volume of 25,709,445. The firm’s 50-day moving average is $2.06 and its 200 day moving average is $2.27. The company has a market capitalization of $923.99 million, a PE ratio of -5.36 and a beta of 3.59. Bitfarms has a 1-year low of $1.52 and a 1-year high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Analyst Ratings Changes

Several research firms recently commented on BITF. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners began coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers lifted its holdings in shares of Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the last quarter. K2 Principal Fund L.P. acquired a new position in Bitfarms during the 2nd quarter worth approximately $816,000. Marshall Wace LLP acquired a new position in Bitfarms during the 2nd quarter worth approximately $4,016,000. Van ECK Associates Corp increased its position in Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.