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

Bitfarms Ltd. (NASDAQ:BITF) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 24,260,000 shares, a drop of 15.2% from the May 31st total of 28,610,000 shares. Currently, 7.5% of the shares of the company are short sold. Based on an average daily volume of 21,960,000 shares, the days-to-cover ratio is currently 1.1 days.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BITF shares. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Monday, June 17th. B. Riley decreased their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price target for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. Northland Securities started coverage on shares of Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Trading Down 0.8 %

Shares of BITF stock traded down $0.02 during trading hours on Friday, reaching $2.57. 11,282,307 shares of the stock were exchanged, compared to its average volume of 27,016,838. Bitfarms has a 12-month low of $0.92 and a 12-month high of $3.91. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $2.22 and its 200-day moving average price is $2.44. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.76 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The company had revenue of $50.32 million during the quarter, compared to analyst estimates of $50.51 million. As a group, equities analysts anticipate that Bitfarms will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Large investors have recently modified their holdings of the business. Quadrature Capital Ltd raised its holdings in shares of Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Bitfarms by 58.2% in the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after purchasing an additional 3,667,681 shares in the last quarter. Bellecapital International Ltd. bought a new stake in shares of Bitfarms in the 4th quarter valued at about $66,000. Shariaportfolio Inc. bought a new stake in shares of Bitfarms in the 4th quarter valued at about $2,051,000. Finally, Sloy Dahl & Holst LLC bought a new stake in shares of Bitfarms in the 4th quarter valued at about $44,000. 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.