Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Rises By 11.5%

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BITF shares. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Keefe, Bruyette & Woods started coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its stake in Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after buying an additional 6,477,985 shares during the period. State Street Corp increased its holdings in Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after purchasing an additional 63,916 shares during the period. Geode Capital Management LLC raised its position in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares in the last quarter. Weiss Asset Management LP boosted its stake in shares of Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Bitfarms by 9.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock valued at $2,388,000 after buying an additional 99,919 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Shares of NASDAQ BITF traded down $0.05 during midday trading on Monday, hitting $1.40. The stock had a trading volume of 64,683,430 shares, compared to its average volume of 46,530,645. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a 1 year low of $1.31 and a 1 year high of $3.91. The company has a market capitalization of $634.10 million, a PE ratio of -3.89 and a beta of 3.65. The stock has a 50 day simple moving average of $1.77 and a 200-day simple moving average of $2.02.

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.