Bitfarms Sees Unusually Large Options Volume (NASDAQ:BITF)

Key Points

• Bitfarms experienced a significant increase in call options trading, with investors purchasing 21,137 call options, a rise of 72% compared to the average volume.
• The company's stock price rose 9.8%, closing at $1.41 with a trading volume of over 37 million shares on Tuesday.
• Wall Street analysts maintain an average "Buy" rating on Bitfarms, with a target price of $3.95 per share.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the recipient of unusually large options trading on Tuesday. Investors purchased 21,137 call options on the stock. This represents an increase of 72% compared to the typical volume of 12,289 call options.

Analyst Ratings Changes

BITF has been the subject of several research analyst reports. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday. Jones Trading began coverage on Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $3.95.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Arkadios Wealth Advisors purchased a new position in shares of Bitfarms during the 1st quarter valued at approximately $39,000. Cresset Asset Management LLC lifted its position 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 valued at $41,000 after buying an additional 9,795 shares in the last quarter. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter valued at approximately $43,000. Theory Financial LLC purchased a new position in shares of Bitfarms during the 1st quarter valued at approximately $48,000. Finally, Baker Avenue Asset Management LP purchased a new position in shares of Bitfarms during the 2nd quarter valued at approximately $50,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Bitfarms Stock Performance

NASDAQ:BITF traded up $0.19 during trading hours on Friday, reaching $2.23. The company had a trading volume of 139,419,043 shares, compared to its average volume of 36,093,104. Bitfarms has a 1-year low of $0.67 and a 1-year high of $2.76. The firm has a market cap of $1.24 billion, a PE ratio of -13.12 and a beta of 3.50. The business's 50 day moving average price is $1.27 and its 200-day moving average price is $1.07. 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 (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Research analysts forecast that Bitfarms will post -0.21 EPS for the current year.

Bitfarms Company Profile

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.