Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw unusually large options trading on Thursday. Stock investors purchased 86,865 call options on the company. This represents an increase of 74% compared to the average daily volume of 50,061 call options.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on BITF shares. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday. Jones Trading initiated coverage on Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price for the company. Finally, Compass Point initiated coverage on Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating on the stock. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.69.
View Our Latest Research Report on BITF
Bitfarms Stock Up 0.4%
Shares of NASDAQ BITF traded up $0.02 during midday trading on Thursday, hitting $4.02. 65,892,884 shares of the stock traded hands, compared to its average volume of 35,051,387. The company has a market cap of $2.26 billion, a PE ratio of -23.73 and a beta of 3.73. Bitfarms has a one year low of $0.67 and a one year high of $4.26. The business has a 50 day moving average price of $1.94 and a two-hundred day moving average price of $1.30. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.
Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. On average, equities analysts predict that Bitfarms will post -0.21 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of BITF. Arkadios Wealth Advisors purchased a new position in Bitfarms in the first quarter worth $39,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter valued at $43,000. Theory Financial LLC purchased a new position in shares of Bitfarms during the 1st quarter valued at $48,000. Baker Avenue Asset Management LP purchased a new position in shares of Bitfarms during the 2nd quarter valued at $50,000. Finally, Blue Rock Wealth Management LLC purchased a new position in shares of Bitfarms during the 1st quarter valued at $59,000. Hedge funds and other institutional investors own 20.59% of the company's stock.
About Bitfarms
(
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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