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

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 32,450,000 shares, an increase of 10.3% from the August 31st total of 29,410,000 shares. Approximately 9.3% of the company’s shares are sold short. Based on an average trading volume of 18,540,000 shares, the days-to-cover ratio is presently 1.8 days.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC grew its stake in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after buying an additional 2,571,647 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after acquiring an additional 1,404,895 shares during the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 51.4% in the 1st 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 last quarter. Marshall Wace LLP acquired a new stake in Bitfarms in the 2nd quarter worth approximately $4,016,000. Finally, Cetera Investment Advisers boosted its stake in Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BITF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Tuesday, September 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Down 2.4 %

NASDAQ BITF traded down $0.05 during midday trading on Tuesday, hitting $2.06. 582,544 shares of the company traded hands, compared to its average volume of 21,953,150. The company has a market cap of $843.17 million, a PE ratio of -5.55 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. Bitfarms has a 52 week low of $0.92 and a 52 week high of $3.91. The company’s 50-day simple moving average is $2.21 and its 200-day simple moving average is $2.24.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The business had revenue of $41.55 million during the quarter, compared to the consensus estimate of $44.59 million. As a group, equities research analysts forecast that Bitfarms will post -0.29 earnings per share for the current year.

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.