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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the recipient of unusually large options trading on Tuesday. Stock investors acquired 32,674 call options on the stock. This is an increase of 199% compared to the average volume of 10,925 call options.

Bitfarms Price Performance

Bitfarms stock traded up $0.11 during midday trading on Tuesday, hitting $2.25. The company's stock had a trading volume of 57,410,563 shares, compared to its average volume of 22,192,154. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The stock's 50-day moving average price is $2.04 and its 200-day moving average price is $2.21. Bitfarms has a 12 month low of $1.01 and a 12 month high of $3.91. The company has a market capitalization of $920.94 million, a PE ratio of -6.03 and a beta of 3.63.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analysts' expectations of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. Analysts anticipate that Bitfarms will post -0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BITF has been the topic of a number of recent analyst reports. HC Wainwright restated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald restated an "overweight" rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $3.66.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of BITF. Tidal Investments LLC increased its stake in Bitfarms by 58.4% in the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company's stock worth $15,555,000 after purchasing an additional 2,571,647 shares in the last quarter. Marshall Wace LLP purchased a new position in Bitfarms during the 2nd quarter valued at about $4,016,000. Van ECK Associates Corp grew its stake in Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company's stock valued at $13,271,000 after acquiring an additional 1,404,895 shares in the last quarter. Vident Advisory LLC grew its stake in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company's stock valued at $5,812,000 after acquiring an additional 885,217 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Bitfarms during the 1st quarter valued at about $1,640,000. Hedge funds and other institutional investors 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.