Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 11.5% in December

Bitfarms Ltd. (NASDAQ:BITF) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 59,480,000 shares, an increase of 11.5% from the December 15th total of 53,350,000 shares. Currently, 15.6% of the shares of the stock are sold short. Based on an average trading volume of 42,470,000 shares, the short-interest ratio is currently 1.4 days.

Bitfarms Stock Performance

Bitfarms stock opened at $1.68 on Monday. The company has a market cap of $760.92 million, a PE ratio of -4.67 and a beta of 3.67. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 1 year low of $1.47 and a 1 year high of $3.91. The company’s 50-day moving average is $1.91 and its two-hundred day moving average is $2.10.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its holdings in Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after acquiring an additional 911,952 shares during the period. State Street Corp grew its stake in shares of Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after purchasing an additional 63,916 shares during the period. Geode Capital Management LLC increased its holdings in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the last quarter. Weiss Asset Management LP boosted its holdings in Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after buying an additional 1,004,400 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Bitfarms during the 2nd quarter worth about $4,016,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BITF. Alliance Global Partners began coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

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.