Bitfarms Sees Unusually Large Options Volume (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw unusually large options trading activity on Thursday. Investors purchased 13,346 call options on the stock. This is an increase of approximately 88% compared to the typical daily volume of 7,112 call options.

Bitfarms Price Performance

Shares of NASDAQ:BITF traded up $0.03 during trading on Thursday, reaching $1.04. The stock had a trading volume of 22,733,560 shares, compared to its average volume of 27,477,250. The stock has a market capitalization of $575.42 million, a PE ratio of -5.45 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58. Bitfarms has a 52 week low of $0.67 and a 52 week high of $3.15. The business's 50-day moving average price is $0.96 and its 200 day moving average price is $1.17.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. As a group, equities analysts predict that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of the business. National Bank of Canada FI boosted its position in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after buying an additional 19,877 shares during the period. Lifeworks Advisors LLC lifted its stake in Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after acquiring an additional 7,339 shares in the last quarter. Cresset Asset Management LLC boosted its position in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Bitfarms in the first quarter valued at approximately $39,000. Finally, Theory Financial LLC bought a new stake in shares of Bitfarms in the first quarter worth $48,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BITF has been the topic of several recent analyst reports. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a report on Thursday, March 27th. HC Wainwright restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $4.44.

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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