Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

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

Analyst Ratings Changes

Several research analysts recently weighed in on BITF shares. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. 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 for the company. Stifel Canada raised 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 issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued 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 issued a buy rating to the stock. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Up 2.4 %

Shares of NASDAQ:BITF traded up $0.04 during mid-day trading on Friday, reaching $1.68. The stock had a trading volume of 49,276,999 shares, compared to its average volume of 38,746,956. The firm has a market cap of $760.92 million, a PE ratio of -4.67 and a beta of 3.67. The firm has a 50 day simple moving average of $1.91 and a two-hundred day simple moving average of $2.11. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a twelve month low of $1.47 and a twelve month high of $3.91.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently bought and sold shares of the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $25,000. WINTON GROUP Ltd acquired a new position in Bitfarms in the second quarter valued at about $38,000. Lifeworks Advisors LLC acquired a new position in Bitfarms in the third quarter valued at about $37,000. Chesapeake Capital Corp IL increased its holdings 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 acquiring an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new stake in shares of Bitfarms during the third quarter worth about $63,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.