Bitfarms Ltd. (NASDAQ:BITF) Short Interest Update

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 35,640,000 shares, a growth of 9.8% from the September 15th total of 32,450,000 shares. Currently, 10.3% of the shares of the stock are short sold. Based on an average trading volume of 17,900,000 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analysts Forecast Growth

BITF has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Monday, September 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently modified their holdings of the company. VitalStone Financial LLC acquired a new stake in Bitfarms in the 1st quarter worth about $37,000. WINTON GROUP Ltd purchased a new stake in Bitfarms in the second quarter valued at approximately $38,000. Shell Asset Management Co. acquired a new position in Bitfarms during the first quarter worth approximately $43,000. CCG Wealth Management LLC purchased a new position in Bitfarms during the first quarter worth approximately $50,000. Finally, Evanson Asset Management LLC boosted its holdings in shares of Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after purchasing an additional 10,457 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Price Performance

BITF traded up $0.08 during midday trading on Wednesday, reaching $1.93. 22,461,298 shares of the company’s stock were exchanged, compared to its average volume of 21,786,662. Bitfarms has a 1-year low of $0.98 and a 1-year high of $3.91. The stock has a market capitalization of $789.96 million, a PE ratio of -4.87 and a beta of 3.63. 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 price is $2.09 and its 200 day moving average price is $2.22.

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

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.