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

Bitfarms Ltd. (NASDAQ:BITF) saw a large growth in short interest in 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 sold short. Based on an average daily volume of 20,700,000 shares, the short-interest ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC lifted its position in shares of Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after acquiring an additional 2,571,647 shares in the last quarter. Marshall Wace LLP purchased a new position in Bitfarms in the 2nd quarter valued at about $4,016,000. Van ECK Associates Corp boosted its stake in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the last quarter. Weiss Asset Management LP grew its holdings in shares of 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 in the last quarter. Finally, Vident Advisory LLC raised its position in shares of 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 buying an additional 885,217 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Trading Up 6.6 %

Shares of NASDAQ BITF traded up $0.14 on Friday, hitting $2.25. The company’s stock had a trading volume of 42,079,339 shares, compared to its average volume of 37,840,252. The stock has a 50 day moving average of $2.04 and a 200-day moving average of $2.23. Bitfarms has a 12-month low of $1.01 and a 12-month high of $3.91. The company has a quick ratio of 5.09, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

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.