Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Grows By 9.8%

Bitfarms Ltd. (NASDAQ:BITF) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 35,640,000 shares, an increase of 9.8% from the September 15th total of 32,450,000 shares. Based on an average trading volume of 17,900,000 shares, the short-interest ratio is presently 2.0 days. Currently, 10.3% of the shares of the company are sold short.

Bitfarms Price Performance

Shares of BITF stock traded down $0.06 during mid-day trading on Tuesday, hitting $1.86. 23,615,439 shares of the stock were exchanged, compared to its average volume of 21,779,514. Bitfarms has a 52-week low of $0.98 and a 52-week high of $3.91. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The company has a market cap of $759.26 million, a PE ratio of -5.03 and a beta of 3.63. The firm has a fifty day moving average of $2.09 and a 200 day moving average of $2.22.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The business had revenue of $41.55 million for the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. Research analysts anticipate that Bitfarms will post -0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Monday, September 23rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.66.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the 2nd quarter worth approximately $38,000. VitalStone Financial LLC acquired a new position in Bitfarms during the first quarter worth $37,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the 1st quarter valued at $43,000. CCG Wealth Management LLC acquired a new stake in shares of Bitfarms in the 1st quarter worth $50,000. Finally, Evanson Asset Management LLC raised its holdings in shares of Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after acquiring an additional 10,457 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.