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

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 59,480,000 shares, an increase of 11.5% from the December 31st total of 53,350,000 shares. Based on an average trading volume of 42,470,000 shares, the days-to-cover ratio is presently 1.4 days. Approximately 15.6% of the company’s shares are sold short.

Wall Street Analyst Weigh In

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

Institutional Trading of Bitfarms

Several large investors have recently added to or reduced their stakes in BITF. Chesapeake Capital Corp IL increased its stake in shares of Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC grew its holdings in 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 buying an additional 5,000 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Bitfarms in the 3rd quarter worth approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after buying an additional 15,167 shares during the period. Finally, Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms during the third quarter worth approximately $37,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Trading Down 3.4 %

NASDAQ:BITF traded down $0.05 during mid-day trading on Monday, reaching $1.40. The company’s stock had a trading volume of 64,683,430 shares, compared to its average volume of 46,530,645. The stock has a market cap of $634.10 million, a P/E ratio of -3.89 and a beta of 3.65. The company’s fifty day simple moving average is $1.76 and its two-hundred day simple moving average is $2.01. Bitfarms has a twelve month low of $1.31 and a twelve month high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

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.