Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 7.1% in October

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant increase in short interest in the month of 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. Currently, 11.5% of the company’s shares are short sold. Based on an average daily trading volume, of 20,700,000 shares, the short-interest ratio is currently 2.0 days.

Bitfarms Stock Performance

BITF stock opened at $2.16 on Tuesday. Bitfarms has a 1 year low of $1.01 and a 1 year high of $3.91. The company’s 50-day moving average is $2.05 and its 200-day moving average is $2.24. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITF. HighTower Advisors LLC acquired a new position in Bitfarms during the 3rd quarter valued at about $25,000. Lifeworks Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth about $37,000. WINTON GROUP Ltd purchased a new position in Bitfarms in the 2nd quarter valued at approximately $38,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms in the first quarter valued at $43,000. Finally, Chesapeake Capital Corp IL grew its holdings in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $3.66.

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.