Bitfarms Ltd. (NASDAQ:BITF) Short Interest Up 27.3% in May

Bitfarms Ltd. (NASDAQ:BITFGet Free Report) was the target of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 28,610,000 shares, an increase of 27.3% from the May 15th total of 22,470,000 shares. Currently, 8.9% of the company’s stock are short sold. Based on an average daily volume of 20,460,000 shares, the days-to-cover ratio is presently 1.4 days.

Bitfarms Stock Performance

Shares of NASDAQ BITF traded up $0.06 during midday trading on Friday, hitting $2.87. The stock had a trading volume of 39,388,070 shares, compared to its average volume of 25,354,732. The business’s 50 day moving average is $2.02 and its 200-day moving average is $2.37. Bitfarms has a 52 week low of $0.92 and a 52 week high of $3.91. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The company had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. As a group, analysts predict that Bitfarms will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BITF shares. B. Riley cut their price objective on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Northland Securities started coverage on shares of Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective on the stock. Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price objective for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. Cantor Fitzgerald started coverage on shares of Bitfarms in a research note on Tuesday. They issued an “overweight” rating and a $5.00 target price on the stock. Finally, HC Wainwright started coverage on shares of Bitfarms in a research note on Tuesday, June 4th. They issued a “buy” rating and a $4.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Get Our Latest Research Report on BITF

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd lifted its position in Bitfarms by 745.2% during the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares during the period. Invesco Ltd. raised its position in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after acquiring an additional 3,667,681 shares during the period. Bellecapital International Ltd. bought a new position in Bitfarms in the fourth quarter worth approximately $66,000. Shariaportfolio Inc. bought a new position in Bitfarms in the fourth quarter worth approximately $2,051,000. Finally, Sloy Dahl & Holst LLC bought a new position in Bitfarms in the fourth quarter worth approximately $44,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

(Get Free Report)

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.

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