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

Bitfarms Ltd. (NASDAQ:BITF) was the recipient of some unusual options trading activity on Monday. Stock traders bought 32,785 call options on the stock. Thisisanincreaseofapproximately220% compared to the average daily volume of 10,259 call options.

Bitfarms Trading Up 9.5%

Shares of BITF opened at $1.38 on Tuesday. The stock has a market capitalization of $769.42 million, a PE ratio of -8.12 and a beta of 3.50. The company’s fifty day moving average is $1.06 and its 200 day moving average is $1.06. 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 has a fifty-two week low of $0.67 and a fifty-two week high of $2.76.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. The company had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $79.78 million. Sell-side analysts expect that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently modified their holdings of BITF. Vident Advisory LLC boosted its stake in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after buying an additional 4,677,425 shares during the period. Bank of America Corp DE boosted its stake in Bitfarms by 793.6% during the second quarter. Bank of America Corp DE now owns 143,978 shares of the company’s stock worth $121,000 after buying an additional 127,865 shares during the period. 272 Capital LP purchased a new position in Bitfarms during the second quarter worth $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Bitfarms by 38.5% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company’s stock worth $658,000 after purchasing an additional 217,799 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new position in shares of Bitfarms in the second quarter worth about $43,000. Institutional investors own 20.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BITF shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. HC Wainwright restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $3.95.

About Bitfarms

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.