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 some unusual options trading activity on Tuesday. Investors bought 21,137 call options on the stock. This represents an increase of approximately 72% compared to the average daily volume of 12,289 call options.

Wall Street Analyst Weigh In

Separately, Jones Trading started coverage on shares of Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Stock Performance

Shares of BITF stock traded up $0.19 during mid-day trading on Friday, hitting $2.23. 139,419,043 shares of the stock were exchanged, compared to its average volume of 36,093,104. The stock's fifty day simple moving average is $1.25 and its two-hundred day simple moving average is $1.06. Bitfarms has a 12-month low of $0.67 and a 12-month high of $2.76. 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 issued its quarterly earnings data 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 firm had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, research analysts forecast that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after acquiring an additional 1,306,212 shares during the period. Vident Advisory LLC lifted its position in Bitfarms by 10.4% during the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after acquiring an additional 628,603 shares during the period. Continental General Insurance Co. acquired a new stake in Bitfarms during the 1st quarter worth approximately $2,124,000. Cetera Investment Advisers lifted its position in Bitfarms by 31.9% during the 4th quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock worth $1,436,000 after acquiring an additional 232,821 shares during the period. Finally, Trium Capital LLP acquired a new stake in Bitfarms during the 1st quarter worth approximately $609,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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.