Bitfarms Ltd. (NASDAQ:BITF) Sees Large Increase in Short Interest

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 41,830,000 shares, a growth of 7.1% from the October 15th total of 39,050,000 shares. Based on an average daily trading volume, of 20,700,000 shares, the short-interest ratio is presently 2.0 days. Currently, 11.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Swiss National Bank bought a new position in Bitfarms in the first quarter worth approximately $1,426,000. Shell Asset Management Co. acquired a new position in shares of Bitfarms in the 1st quarter valued at $43,000. Vident Advisory LLC increased its holdings in shares of Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the period. Quadrature Capital Ltd acquired a new stake in Bitfarms during the 1st quarter valued at approximately $1,640,000. Finally, Bayesian Capital Management LP boosted its holdings in Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after purchasing an additional 34,200 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BITF. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Trading Down 4.0 %

NASDAQ:BITF opened at $2.16 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The stock has a 50-day simple moving average of $2.05 and a two-hundred day simple moving average of $2.24. Bitfarms has a 52-week low of $1.01 and a 52-week high of $3.91.

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.