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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the recipient of some unusual options trading on Monday. Investors purchased 34,187 call options on the company. This represents an increase of approximately 69% compared to the average daily volume of 20,174 call options.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nwam LLC boosted its stake in Bitfarms by 5.8% during the 4th quarter. Nwam LLC now owns 71,388 shares of the company's stock valued at $208,000 after purchasing an additional 3,927 shares during the period. TD Asset Management Inc grew its position in Bitfarms by 2.6% in the fourth quarter. TD Asset Management Inc now owns 195,306 shares of the company's stock worth $570,000 after acquiring an additional 4,948 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Bitfarms by 7.8% during the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company's stock worth $238,000 after buying an additional 5,900 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Bitfarms by 39.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company's stock worth $70,000 after buying an additional 6,837 shares during the period. Finally, Headlands Technologies LLC raised its stake in Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company's stock valued at $55,000 after purchasing an additional 7,429 shares during the last quarter. Institutional investors own 20.59% of the company's stock.

Wall Street Analyst Weigh In

BITF has been the topic of a number of recent analyst reports. B. Riley reaffirmed a "buy" rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, December 14th. HC Wainwright restated a "buy" rating and set a $4.00 target price on shares of Bitfarms in a report on Wednesday, March 13th. Finally, Cantor Fitzgerald boosted their target price on Bitfarms from $2.00 to $3.00 and gave the company an "overweight" rating in a research report on Thursday, January 25th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Bitfarms presently has a consensus rating of "Buy" and a consensus target price of $4.00.

Bitfarms Stock Performance

Shares of BITF traded down $0.02 during mid-day trading on Monday, hitting $2.29. 41,482,386 shares of the company's stock were exchanged, compared to its average volume of 26,825,438. The firm has a market capitalization of $765.20 million, a P/E ratio of -6.19 and a beta of 3.71. Bitfarms has a fifty-two week low of $0.82 and a fifty-two week high of $3.91. The business's 50 day moving average is $2.61 and its two-hundred day moving average is $1.99. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The company had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same quarter last year, the business earned ($0.07) EPS. On average, equities analysts expect that Bitfarms will post -0.17 earnings per share 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.