Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 6.0% in November

Bitfarms Ltd. (NASDAQ:BITF) saw a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 45,090,000 shares, an increase of 6.0% from the November 15th total of 42,540,000 shares. Based on an average daily volume of 32,840,000 shares, the short-interest ratio is currently 1.4 days. Approximately 11.9% of the company’s shares are short sold.

Bitfarms Stock Down 4.5 %

Shares of BITF traded down $0.09 during trading hours on Friday, hitting $1.93. The company had a trading volume of 41,451,055 shares, compared to its average volume of 25,796,203. Bitfarms has a 52-week low of $1.52 and a 52-week high of $3.91. The firm has a fifty day moving average price of $2.06 and a 200-day moving average price of $2.27. The stock has a market capitalization of $874.16 million, a price-to-earnings ratio of -5.36 and a beta of 3.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bitfarms by 521.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock worth $176,000 after acquiring an additional 57,383 shares during the last quarter. Van ECK Associates Corp lifted its holdings 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 valued at $13,271,000 after purchasing an additional 1,404,895 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Bitfarms by 70.0% during the second quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after buying an additional 141,424 shares during the last quarter. Impact Partnership Wealth LLC increased its holdings in Bitfarms by 227.6% in the 2nd quarter. Impact Partnership Wealth LLC now owns 70,570 shares of the company’s stock worth $181,000 after buying an additional 49,029 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in Bitfarms in the 2nd quarter worth about $38,000. Institutional investors own 20.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BITF has been the subject of a number of research analyst reports. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.05.

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.