Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Expands By 10.3%

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 32,450,000 shares, an increase of 10.3% from the August 31st total of 29,410,000 shares. Based on an average daily volume of 18,540,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 9.3% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of brokerages have weighed in on BITF. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Institutional Investors Weigh In On Bitfarms

Large investors have recently bought and sold shares of the stock. VitalStone Financial LLC acquired a new stake in shares of Bitfarms in the 1st quarter valued at $37,000. WINTON GROUP Ltd purchased a new position in Bitfarms in the second quarter valued at approximately $38,000. Shell Asset Management Co. purchased a new stake in shares of Bitfarms during the 1st quarter worth approximately $43,000. CCG Wealth Management LLC purchased a new stake in shares of Bitfarms during the 1st quarter worth approximately $50,000. Finally, Evanson Asset Management LLC raised its stake in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after acquiring an additional 10,457 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Trading Down 2.4 %

BITF traded down $0.05 during trading hours on Tuesday, reaching $2.06. The company’s stock had a trading volume of 582,544 shares, compared to its average volume of 21,953,150. The stock has a market cap of $843.17 million, a PE ratio of -5.55 and a beta of 3.64. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The business’s 50-day moving average is $2.21 and its 200-day moving average is $2.24.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million during the quarter, compared to analysts’ expectations of $44.59 million. As a group, equities research analysts predict that Bitfarms will post -0.29 earnings per share for the current fiscal year.

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.