Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 11.5% in January

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

Analyst Ratings Changes

BITF has been the subject of several analyst reports. Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Performance

BITF traded down $0.05 during mid-day trading on Monday, reaching $1.40. 64,683,430 shares of the company traded hands, compared to its average volume of 46,530,645. Bitfarms has a 52-week low of $1.31 and a 52-week high of $3.91. The company’s fifty day moving average price is $1.76 and its 200-day moving average price is $2.01. 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 capitalization of $634.10 million, a P/E ratio of -3.89 and a beta of 3.65.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Van ECK Associates Corp lifted its position in shares of Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after purchasing an additional 6,477,985 shares during the last quarter. Weiss Asset Management LP lifted its holdings in shares of Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after buying an additional 1,004,400 shares during the period. Baader Bank Aktiengesellschaft increased its stake in shares of Bitfarms by 245.8% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock valued at $1,043,000 after buying an additional 497,789 shares during the period. Cetera Investment Advisers lifted its stake in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares during the period. Finally, Paloma Partners Management Co bought a new position in Bitfarms during the 3rd quarter worth about $528,000. 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.