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

Bitfarms Ltd. (NASDAQ:BITF) saw some unusual options trading activity on Tuesday. Stock investors bought 21,137 call options on the stock. This represents an increase of 72% compared to the average daily volume of 12,289 call options.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the company. Cresset Asset Management LLC raised its holdings in shares of Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock valued at $41,000 after purchasing an additional 9,795 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in Bitfarms in the first quarter worth about $39,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter worth about $43,000. Baker Avenue Asset Management LP bought a new stake in Bitfarms in the second quarter worth about $50,000. Finally, Theory Financial LLC bought a new stake in Bitfarms in the first quarter worth about $48,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Trading Up 10.1%

BITF opened at $1.75 on Thursday. Bitfarms has a twelve month low of $0.67 and a twelve month high of $2.76. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The company has a fifty day moving average of $1.23 and a 200-day moving average of $1.06. The stock has a market cap of $973.26 million, a PE ratio of -10.29 and a beta of 3.50.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (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 for the quarter, compared to the consensus estimate of $79.78 million. On average, sell-side analysts predict that Bitfarms will post -0.21 EPS for the current year.

Analysts Set New Price Targets

BITF has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a “buy” rating and a $2.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $3.95.

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.