Bitfarms Sees Unusually High Options Volume (NASDAQ:BITF)

Key Points

• Bitfarms experienced a significant surge in options trading with a 506% increase in call options, totaling 205,380 contracts on Wednesday.
• Research analysts have recently upgraded Bitfarms, leading to a consensus rating of “Buy” and a target price of $3.95.
• Bitfarms reported a revenue of $77.80 million for the last quarter, missing expectations, and posted a negative EPS of ($0.02).

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw unusually large options trading on Wednesday. Traders acquired 205,380 call options on the stock. This is an increase of 506% compared to the average daily volume of 33,912 call options.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Compass Point assumed coverage on shares of Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating for the company. Finally, Jones Trading assumed coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Bitfarms currently has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Price Performance

NASDAQ:BITF opened at $2.59 on Wednesday. Bitfarms has a 52 week low of $0.67 and a 52 week high of $3.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm's 50-day simple moving average is $1.54 and its 200 day simple moving average is $1.15. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -15.23 and a beta of 3.50.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. As a group, sell-side analysts predict that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently modified their holdings of the business. Baader Bank Aktiengesellschaft boosted its position in Bitfarms by 390.4% in the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock valued at $121,000 after buying an additional 114,245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after acquiring an additional 1,223,201 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after acquiring an additional 1,306,212 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 10.4% during the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock valued at $5,279,000 after acquiring an additional 628,603 shares in the last quarter. Finally, Continental General Insurance Co. bought a new stake in Bitfarms during the 1st quarter worth $2,124,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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.

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