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

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 24,260,000 shares, a decrease of 15.2% from the May 31st total of 28,610,000 shares. Based on an average daily trading volume, of 21,960,000 shares, the days-to-cover ratio is currently 1.1 days. Approximately 7.5% of the shares of the stock are short sold.

Bitfarms Trading Down 0.8 %

Shares of Bitfarms stock traded down $0.02 on Friday, reaching $2.57. 11,282,307 shares of the company were exchanged, compared to its average volume of 27,016,838. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.76 and a beta of 3.68. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average price of $2.22 and a 200-day moving average price of $2.44.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. On average, analysts expect that Bitfarms will post -0.2 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BITF. Cantor Fitzgerald began coverage on Bitfarms in a report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective for the company. Northland Securities began coverage on Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective for the company. B. Riley cut their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a report on Friday, May 17th. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and cut their target price for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Monday, June 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BITF. Invesco Ltd. raised its position in Bitfarms by 58.2% during the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Tidal Investments LLC increased its position in Bitfarms by 58.4% in the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the last quarter. Quadrature Capital Ltd increased its position in Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Vident Advisory LLC increased its position in Bitfarms by 51.4% in the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the last quarter. Finally, Shariaportfolio Inc. acquired a new position in Bitfarms in the 4th quarter worth about $2,051,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.