Bitfarms Target of Unusually Large Options Trading (NASDAQ:BITF)

Key Points

• Bitfarms Ltd. experienced a significant increase in options trading, with 110,075 call options purchased, marking a 38% rise from the average daily volume.
• The company's stock reached $4.57 during trading, reflecting a substantial increase in trading volume compared to its average.
• Several brokerages have given Bitfarms a "buy" rating, with a consensus target price of $4.35, indicating positive sentiment among analysts.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the target of unusually large options trading on Friday. Stock traders purchased 110,075 call options on the stock. This is an increase of 38% compared to the average daily volume of 79,767 call options.

Bitfarms Price Performance

NASDAQ:BITF traded up $0.41 during trading hours on Friday, reaching $4.57. 88,293,925 shares of the company traded hands, compared to its average volume of 41,848,434. The firm's 50-day moving average is $2.75 and its 200-day moving average is $1.61. The stock has a market cap of $2.57 billion, a P/E ratio of -26.91 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. Bitfarms has a 1-year low of $0.67 and a 1-year high of $6.60.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced 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). The business had revenue of $77.80 million during 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%. Equities research analysts expect that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BITF. B. Riley reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday. Northland Securities set a $7.00 price objective on Bitfarms in a research report on Monday, October 13th. Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a research report on Monday, October 13th. Compass Point began coverage on Bitfarms in a research report on Monday, September 15th. They set a "buy" rating for the company. Finally, Jones Trading began coverage on Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4.35.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Vident Advisory LLC boosted its holdings in Bitfarms by 70.0% in the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. Invesco Ltd. raised its position in Bitfarms by 40.4% in the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock valued at $11,120,000 after purchasing an additional 3,806,810 shares during the period. Continental General Insurance Co. purchased a new position in Bitfarms in the first quarter valued at about $2,124,000. Charles Schwab Investment Management Inc. raised its position in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after purchasing an additional 1,223,201 shares during the period. 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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