Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

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

Bitfarms Price Performance

BITF traded up $0.04 during midday trading on Friday, hitting $1.68. The stock had a trading volume of 49,276,999 shares, compared to its average volume of 38,746,956. The business has a fifty day moving average of $1.91 and a 200 day moving average of $2.10. 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 $1.47 and a 1 year high of $3.91.

Analysts Set New Price Targets

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

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HighTower Advisors LLC bought a new stake in Bitfarms in the third quarter valued at approximately $25,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter valued at approximately $38,000. Lifeworks Advisors LLC bought a new stake in Bitfarms in the third quarter valued at approximately $37,000. Chesapeake Capital Corp IL lifted its position in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new stake in Bitfarms in the third quarter valued at approximately $63,000. 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.