Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the recipient of unusually large options trading on Tuesday. Stock investors bought 30,241 call options on the stock. This is an increase of 246% compared to the typical volume of 8,743 call options.
Analyst Ratings Changes
Several brokerages recently commented on BITF. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Jones Trading upgraded Bitfarms to a "strong-buy" rating and set a $2.00 price objective for the company in a research note on Monday. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research note on Thursday, March 27th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $3.95.
Check Out Our Latest Stock Analysis on Bitfarms
Hedge Funds Weigh In On Bitfarms
Several institutional investors and hedge funds have recently modified their holdings of BITF. Cresset Asset Management LLC raised its stake in shares of 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 purchasing an additional 9,795 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Bitfarms by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock worth $105,000 after purchasing an additional 13,378 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Bitfarms by 10.0% during the 4th quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock worth $238,000 after purchasing an additional 14,865 shares in the last quarter. Insigneo Advisory Services LLC raised its stake in shares of Bitfarms by 15.3% during the 4th quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock worth $202,000 after purchasing an additional 18,000 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Bitfarms by 5.0% during the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock worth $314,000 after purchasing an additional 19,089 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.
Bitfarms Trading Up 14.6%
Bitfarms stock traded up $0.17 during mid-day trading on Tuesday, hitting $1.30. The stock had a trading volume of 35,705,224 shares, compared to its average volume of 27,536,804. The stock has a 50-day simple moving average of $0.96 and a two-hundred day simple moving average of $1.11. The stock has a market capitalization of $722.03 million, a PE ratio of -6.71 and a beta of 3.45. Bitfarms has a 12 month low of $0.67 and a 12 month high of $2.91. The company has a current ratio of 2.64, a quick ratio of 2.58 and a debt-to-equity ratio of 0.03.
Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative return on equity of 12.70% and a negative net margin of 40.09%. As a group, sell-side analysts forecast that Bitfarms will post -0.21 EPS for the current year.
Bitfarms Company Profile
(
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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