Bitfarms Ltd. (NASDAQ:BITF) Sees Large Increase in Short Interest

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BITF. HC Wainwright restated a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Stifel Canada upgraded Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a "buy" rating and a $6.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Bitfarms presently has a consensus rating of "Moderate Buy" and an average price target of $4.05.

Bitfarms Trading Down 3.7 %

Shares of BITF traded down $0.06 during trading hours on Wednesday, reaching $1.43. The stock had a trading volume of 30,199,347 shares, compared to its average volume of 44,950,770. The firm has a 50-day moving average of $1.75 and a 200 day moving average of $2.00. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a 52 week low of $1.31 and a 52 week high of $3.91. The company has a market cap of $645.43 million, a P/E ratio of -3.96 and a beta of 3.65.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. MMCAP International Inc. SPC grew its position in shares of Bitfarms by 617.9% in the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after acquiring an additional 11,492,650 shares during the period. Van ECK Associates Corp increased its position in 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 acquiring an additional 6,477,985 shares during the period. Weiss Asset Management LP raised its position in shares of Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after buying an additional 1,004,400 shares in the last quarter. SRN Advisors LLC acquired a new stake in Bitfarms during the fourth quarter worth about $1,192,000. Finally, Baader Bank Aktiengesellschaft raised its position in shares of Bitfarms by 245.8% in the 4th 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 in the last quarter. 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.