Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

Bitfarms Ltd. (NASDAQ:BITF) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 35,640,000 shares, an increase of 9.8% from the September 15th total of 32,450,000 shares. Approximately 10.3% of the company’s stock are sold short. Based on an average trading volume of 17,900,000 shares, the short-interest ratio is currently 2.0 days.

Analyst Ratings Changes

BITF has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Price Performance

Shares of BITF stock traded down $0.06 on Tuesday, reaching $1.86. The company’s stock had a trading volume of 23,615,439 shares, compared to its average volume of 21,779,514. The company has a market capitalization of $759.26 million, a price-to-earnings ratio of -5.03 and a beta of 3.63. The stock’s fifty day simple moving average is $2.09 and its 200-day simple moving average is $2.22. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. Bitfarms has a 1 year low of $0.98 and a 1 year high of $3.91.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 company had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. Analysts forecast that Bitfarms will post -0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. VitalStone Financial LLC bought a new stake in Bitfarms during the 1st quarter valued at $37,000. WINTON GROUP Ltd purchased a new stake in Bitfarms in the second quarter worth about $38,000. Shell Asset Management Co. bought a new position in Bitfarms during the 1st quarter worth about $43,000. CCG Wealth Management LLC purchased a new position in Bitfarms during the 1st quarter valued at about $50,000. Finally, Evanson Asset Management LLC increased its position in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after purchasing an additional 10,457 shares during the period. 20.59% of the stock is currently owned by institutional investors.

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.