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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw a significant 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. Currently, 10.3% of the shares of the stock are sold short. Based on an average trading volume of 17,900,000 shares, the short-interest ratio is currently 2.0 days.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. HBW Advisory Services LLC acquired a new position in Bitfarms during the third quarter valued at approximately $63,000. Cetera Investment Advisers boosted its holdings in shares of Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock valued at $2,579,000 after buying an additional 299,273 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Bitfarms by 67.3% in the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company's stock valued at $395,000 after buying an additional 61,624 shares during the period. K2 Principal Fund L.P. acquired a new position in shares of Bitfarms in the second quarter valued at approximately $816,000. Finally, Marshall Wace LLP acquired a new position in shares of Bitfarms in the second quarter valued at approximately $4,016,000. Institutional investors and hedge funds own 20.59% of the company's stock.

Analyst Upgrades and Downgrades

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

Bitfarms Trading Down 3.1 %

Shares of BITF traded down $0.06 on Tuesday, reaching $1.85. 24,267,238 shares of the company's stock were exchanged, compared to its average volume of 21,782,697. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $757.22 million, a P/E ratio of -4.87 and a beta of 3.63. The business has a 50 day moving average price of $2.09 and a two-hundred day moving average price of $2.22. Bitfarms has a 12 month low of $0.98 and a 12 month high of $3.91.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million during the quarter, compared to analysts' expectations of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. Research analysts anticipate that Bitfarms will post -0.29 earnings per share for the current year.

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.