Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Decreases By 8.0%

Bitfarms Ltd. (NASDAQ:BITFGet Free Report) was the target of a large drop in short interest in the month of February. As of February 29th, there was short interest totalling 23,920,000 shares, a drop of 8.0% from the February 14th total of 26,000,000 shares. Based on an average daily trading volume, of 31,230,000 shares, the days-to-cover ratio is presently 0.8 days. Currently, 8.3% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. B. Riley reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, December 14th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Wednesday, March 13th. Finally, Cantor Fitzgerald lifted their price target on Bitfarms from $2.00 to $3.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.00.

Read Our Latest Stock Report on BITF

Bitfarms Price Performance

Bitfarms stock opened at $2.23 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. Bitfarms has a 1-year low of $0.82 and a 1-year high of $3.91. The stock’s 50 day moving average price is $2.66 and its 200 day moving average price is $1.96.

Bitfarms (NASDAQ:BITFGet Free Report) last posted its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the previous year, the business earned ($0.07) earnings per share. Equities analysts anticipate that Bitfarms will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd increased its stake in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Invesco Ltd. boosted its position in shares of Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after buying an additional 3,667,681 shares during the period. Van ECK Associates Corp boosted its position in shares of Bitfarms by 18.6% in the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock worth $3,831,000 after buying an additional 561,342 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Bitfarms by 252.1% in the third quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock worth $82,000 after buying an additional 54,303 shares during the period. Finally, TD Asset Management Inc boosted its position in shares of Bitfarms by 14.9% in the second quarter. TD Asset Management Inc now owns 199,080 shares of the company’s stock worth $295,000 after buying an additional 25,825 shares during the period. 15.31% of the stock is owned by institutional investors and hedge funds.

About Bitfarms

(Get Free Report)

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.

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