Bitfarms Ltd. (NASDAQ:BITF) Sees Significant Growth in Short Interest

Bitfarms Ltd. (NASDAQ:BITF) saw a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 59,480,000 shares, a growth of 11.5% from the December 15th total of 53,350,000 shares. Approximately 15.6% of the shares of the company are short sold. Based on an average daily volume of 42,470,000 shares, the short-interest ratio is currently 1.4 days.

Bitfarms Price Performance

Shares of Bitfarms stock traded up $0.04 during midday trading on Friday, hitting $1.68. 49,276,999 shares of the company were exchanged, compared to its average volume of 38,746,956. The firm has a 50 day simple moving average of $1.91 and a 200-day simple moving average of $2.11. Bitfarms has a 52 week low of $1.47 and a 52 week high of $3.91. The firm has a market cap of $760.92 million, a P/E ratio of -4.67 and a beta of 3.67. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Chesapeake Capital Corp IL increased its position in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC boosted its holdings in shares of Bitfarms by 3.2% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new stake in Bitfarms during the 3rd quarter worth approximately $25,000. WINTON GROUP Ltd acquired a new stake in Bitfarms during the 2nd quarter valued at $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BITF. Alliance Global Partners initiated coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Keefe, Bruyette & Woods started coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Bitfarms currently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

About Bitfarms

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.