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

Bitfarms Ltd. (NASDAQ:BITF) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 30,760,000 shares, an increase of 32.4% from the July 15th total of 23,240,000 shares. Based on an average trading volume of 23,590,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 9.9% of the shares of the company are short sold.

Institutional Trading of Bitfarms

Several institutional investors have recently made changes to their positions in BITF. Tidal Investments LLC grew its holdings in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after buying an additional 2,571,647 shares in the last quarter. Marshall Wace LLP purchased a new position in Bitfarms during the 2nd quarter valued at approximately $4,016,000. Van ECK Associates Corp grew its holdings in Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after buying an additional 1,404,895 shares in the last quarter. Vident Advisory LLC grew its holdings in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after buying an additional 885,217 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Bitfarms during the 1st quarter valued at approximately $1,640,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

Shares of NASDAQ:BITF traded up $0.09 during trading on Friday, hitting $2.39. 15,946,841 shares of the company’s stock were exchanged, compared to its average volume of 23,472,736. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. Bitfarms has a 52-week low of $0.92 and a 52-week high of $3.91. The business’s 50-day simple moving average is $2.58 and its 200 day simple moving average is $2.40. The company has a market cap of $978.24 million, a price-to-earnings ratio of -6.29 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million during the quarter, compared to analysts’ expectations of $50.51 million. As a group, equities analysts predict that Bitfarms will post -0.31 EPS for the current year.

Analysts Set New Price Targets

BITF has been the topic of several recent research reports. Cantor Fitzgerald initiated coverage on Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective on the stock. Northland Securities initiated coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective on the stock. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. B. Riley decreased their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus price target of $3.66.

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.