Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Increases By 6.0%

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 45,090,000 shares, an increase of 6.0% from the November 15th total of 42,540,000 shares. Based on an average trading volume of 32,840,000 shares, the days-to-cover ratio is presently 1.4 days. Currently, 11.9% of the shares of the company are sold short.

Analysts Set New Price Targets

Several brokerages have commented on BITF. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners began coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $4.05.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC bought a new position in Bitfarms in the third quarter valued at approximately $25,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms in the second quarter valued at about $38,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at about $37,000. Chesapeake Capital Corp IL boosted its position in Bitfarms by 27.9% during 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 acquired a new position in shares of Bitfarms during the 3rd quarter worth approximately $63,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Price Performance

NASDAQ:BITF traded down $0.04 during mid-day trading on Tuesday, reaching $2.07. 27,617,672 shares of the company were exchanged, compared to its average volume of 25,974,857. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock has a market cap of $935.31 million, a PE ratio of -5.83 and a beta of 3.59. The company has a fifty day moving average of $2.07 and a 200 day moving average of $2.27. Bitfarms has a 12 month low of $1.52 and a 12 month high of $3.91.

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.