Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Increases By 11.5%

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 59,480,000 shares, an increase of 11.5% from the December 15th total of 53,350,000 shares. Approximately 15.6% of the company’s shares are sold short. Based on an average daily trading volume, of 42,470,000 shares, the short-interest ratio is presently 1.4 days.

Analyst Upgrades and Downgrades

BITF has been the topic of several analyst reports. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.05.

Institutional Trading of Bitfarms

Several large investors have recently made changes to their positions in the stock. 272 Capital LP bought a new position in shares of Bitfarms in the 3rd quarter valued at approximately $222,000. Barclays PLC acquired a new position in Bitfarms in the 3rd quarter valued at $161,000. Geode Capital Management LLC raised its holdings in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after acquiring an additional 81,760 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Bitfarms during the 3rd quarter worth $201,000. Finally, XTX Topco Ltd bought a new stake in Bitfarms during the third quarter valued at about $254,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Up 2.4 %

BITF stock opened at $1.68 on Monday. The firm has a market cap of $760.92 million, a PE ratio of -4.67 and a beta of 3.67. Bitfarms has a 1 year low of $1.47 and a 1 year high of $3.91. The company has a fifty day simple moving average of $1.91 and a 200 day simple moving average of $2.10. 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 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.