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

Bitfarms Ltd. (NASDAQ:BITF) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 41,830,000 shares, a growth of 7.1% from the October 15th total of 39,050,000 shares. Approximately 11.5% of the shares of the stock are short sold. Based on an average trading volume of 20,700,000 shares, the short-interest ratio is currently 2.0 days.

Bitfarms Trading Down 0.4 %

NASDAQ:BITF traded down $0.01 during midday trading on Monday, reaching $2.24. 29,398,442 shares of the stock traded hands, compared to its average volume of 23,333,225. The stock has a market capitalization of $1.01 billion, a P/E ratio of -6.17 and a beta of 3.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.09 and a current ratio of 3.70. The company has a fifty day moving average of $2.04 and a 200 day moving average of $2.24. Bitfarms has a 12 month low of $1.01 and a 12 month high of $3.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Hedge Funds Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC increased its holdings in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after purchasing an additional 2,571,647 shares during the period. Marshall Wace LLP purchased a new position in shares of Bitfarms during the second quarter valued at approximately $4,016,000. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after acquiring an additional 1,404,895 shares in the last quarter. Weiss Asset Management LP lifted its stake in Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after acquiring an additional 1,004,400 shares during the period. Finally, Vident Advisory LLC boosted its holdings in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after acquiring an additional 885,217 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

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.