Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

Bitfarms Ltd. (NASDAQ:BITF) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 32,450,000 shares, an increase of 10.3% from the August 31st total of 29,410,000 shares. Approximately 9.3% of the shares of the stock are short sold. Based on an average trading volume of 18,540,000 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in BITF. Shariaportfolio Inc. acquired a new stake in Bitfarms during the fourth quarter valued at approximately $2,051,000. Vima LLC acquired a new position in shares of Bitfarms in the 4th quarter worth approximately $91,000. Evanson Asset Management LLC boosted its holdings in shares of Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after acquiring an additional 10,457 shares in the last quarter. CCG Wealth Management LLC acquired a new position in shares of Bitfarms in the 1st quarter worth approximately $50,000. Finally, VitalStone Financial LLC acquired a new position in shares of Bitfarms in the 1st quarter worth approximately $37,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Stock Performance

Shares of Bitfarms stock traded up $0.05 during trading on Friday, reaching $2.25. The company’s stock had a trading volume of 17,627,317 shares, compared to its average volume of 22,098,303. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The business’s fifty day moving average price is $2.23 and its 200-day moving average price is $2.25. The firm has a market cap of $920.94 million, a price-to-earnings ratio of -5.92 and a beta of 3.64. Bitfarms has a one year low of $0.92 and a one year high of $3.91.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. As a group, equities research analysts predict that Bitfarms will post -0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BITF shares. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Tuesday, September 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Monday, September 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

About Bitfarms

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.