Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Rises By 7.1%

Bitfarms Ltd. (NASDAQ:BITF) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 41,830,000 shares, an increase of 7.1% from the October 15th total of 39,050,000 shares. Based on an average trading volume of 20,700,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 11.5% of the company’s stock are short sold.

Bitfarms Price Performance

NASDAQ BITF traded up $0.14 during trading on Friday, reaching $2.25. The company’s stock had a trading volume of 42,079,339 shares, compared to its average volume of 37,840,252. The business’s fifty day moving average price is $2.04 and its 200-day moving average price is $2.23. Bitfarms has a twelve month low of $1.01 and a twelve month high of $3.91. The company has a current ratio of 3.70, a quick ratio of 5.09 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BITF. Geode Capital Management LLC grew its position in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the last quarter. Barclays PLC acquired a new position in shares of Bitfarms during the third quarter worth about $161,000. Public Employees Retirement System of Ohio purchased a new position in Bitfarms during the third quarter worth about $201,000. XTX Topco Ltd acquired a new stake in Bitfarms in the third quarter valued at about $254,000. Finally, Weiss Asset Management LP boosted its holdings in Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other 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.