Stock Traders Purchase Large Volume of Call Options on Bitfarms (NASDAQ:BITF)

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

Bitfarms Trading Down 0.9 %

Shares of Bitfarms stock opened at $2.29 on Tuesday. Bitfarms has a fifty-two week low of $0.82 and a fifty-two week high of $3.91. The firm has a market cap of $765.20 million, a PE ratio of -6.19 and a beta of 3.71. The business’s fifty day moving average is $2.61 and its two-hundred day moving average is $2.00. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period last year, the company posted ($0.07) EPS. Analysts anticipate that Bitfarms will post -0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Invesco Ltd. raised its position in Bitfarms by 56.1% in the first quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock valued at $48,900,000 after purchasing an additional 4,687,086 shares during the period. State Street Corp grew its stake in shares of Bitfarms by 240.8% during the second quarter. State Street Corp now owns 4,228,087 shares of the company’s stock valued at $6,215,000 after acquiring an additional 2,987,589 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Bitfarms during the second quarter valued at about $2,307,000. Quadrature Capital Ltd grew its stake in shares of Bitfarms by 745.2% during the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after acquiring an additional 902,708 shares in the last quarter. Finally, Shariaportfolio Inc. acquired a new stake in shares of Bitfarms during the fourth quarter valued at about $2,051,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on BITF shares. B. Riley reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, December 14th. Cantor Fitzgerald upped their price target on shares of Bitfarms from $2.00 to $3.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Wednesday, March 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $4.00.

Get Our Latest Analysis on BITF

About Bitfarms

(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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