Investors Buy High Volume of Call Options on Bitfarms (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF) saw some unusual options trading activity on Tuesday. Stock traders purchased 32,674 call options on the company. This is an increase of approximately 199% compared to the average volume of 10,925 call options.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of the stock. VitalStone Financial LLC bought a new stake in shares of Bitfarms in the first quarter valued at about $37,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the 2nd quarter worth approximately $38,000. Shell Asset Management Co. bought a new position in shares of Bitfarms during the first quarter valued at approximately $43,000. HBW Advisory Services LLC purchased a new position in Bitfarms during the third quarter valued at approximately $63,000. Finally, Bayesian Capital Management LP raised its stake in Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock worth $142,000 after buying an additional 34,200 shares in the last quarter. Institutional investors own 20.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Up 0.9 %

BITF stock traded up $0.02 during mid-day trading on Wednesday, reaching $2.27. 20,052,693 shares of the stock traded hands, compared to its average volume of 22,176,518. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. Bitfarms has a one year low of $1.01 and a one year high of $3.91. The stock has a market capitalization of $929.13 million, a PE ratio of -5.92 and a beta of 3.63. The business has a 50-day moving average price of $2.04 and a two-hundred day moving average price of $2.21.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Equities research analysts expect that Bitfarms will post -0.29 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.