Short Interest in Bitfarms Ltd. (NASDAQ:BITF) Decreases By 13.1%

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw a significant decrease in short interest in February. As of February 15th, there was short interest totalling 26,000,000 shares, a decrease of 13.1% from the January 31st total of 29,930,000 shares. Approximately 9.2% of the company's shares are short sold. Based on an average trading volume of 31,680,000 shares, the days-to-cover ratio is presently 0.8 days.

Analysts Set New Price Targets

A number of research firms have commented on BITF. B. Riley restated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, December 14th. Cantor Fitzgerald lifted their target price on Bitfarms from $2.00 to $3.00 and gave the stock an "overweight" rating in a report on Thursday, January 25th. Finally, HC Wainwright lifted their target price on Bitfarms from $3.00 to $4.00 and gave the stock a "buy" rating in a report on Wednesday, November 29th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitfarms currently has an average rating of "Buy" and an average target price of $4.00.

Bitfarms Stock Up 2.8 %

NASDAQ:BITF traded up $0.08 during mid-day trading on Friday, hitting $2.93. 17,916,488 shares of the stock traded hands, compared to its average volume of 29,062,938. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.82 and a current ratio of 2.82. Bitfarms has a 52 week low of $0.68 and a 52 week high of $3.91. The firm's 50 day moving average is $2.77 and its two-hundred day moving average is $1.87.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of the company. Citigroup Inc. increased its stake in shares of Bitfarms by 21.9% during the first quarter. Citigroup Inc. now owns 78,238 shares of the company's stock worth $295,000 after purchasing an additional 14,045 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in Bitfarms during the 1st quarter worth approximately $51,000. XTX Topco Ltd purchased a new stake in Bitfarms during the 1st quarter worth approximately $57,000. Invesco Ltd. increased its stake in Bitfarms by 56.1% during the 1st quarter. Invesco Ltd. now owns 13,039,797 shares of the company's stock worth $48,900,000 after buying an additional 4,687,086 shares during the period. Finally, Vident Investment Advisory LLC increased its position in shares of Bitfarms by 130.9% in the 1st quarter. Vident Investment Advisory LLC now owns 598,085 shares of the company's stock valued at $2,248,000 after purchasing an additional 339,009 shares during the last quarter. 15.31% of the stock is currently owned by institutional investors and hedge funds.

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.

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