Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 6.0% in November

Bitfarms Ltd. (NASDAQ:BITF) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 45,090,000 shares, an increase of 6.0% from the November 15th total of 42,540,000 shares. Approximately 11.9% of the shares of the company are sold short. Based on an average daily trading volume, of 32,840,000 shares, the short-interest ratio is presently 1.4 days.

Bitfarms Stock Performance

NASDAQ BITF traded down $0.09 on Friday, hitting $1.93. 41,451,055 shares of the company traded hands, compared to its average volume of 25,796,203. The business’s 50 day moving average price is $2.06 and its 200-day moving average price is $2.27. Bitfarms has a 52-week low of $1.52 and a 52-week high of $3.91. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $874.16 million, a price-to-earnings ratio of -5.36 and a beta of 3.59.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BITF. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price on the stock. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Chesapeake Capital Corp IL increased its holdings in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC boosted its position in shares of Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after purchasing an additional 5,000 shares during the period. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the third quarter worth $25,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter valued at $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares during the period. Institutional investors own 20.59% of the company’s stock.

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.