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

Bitfarms Ltd. (NASDAQ:BITF) saw some unusual options trading on Tuesday. Traders acquired 21,137 call options on the company. This is an increase of approximately 72% compared to the typical daily volume of 12,289 call options.

Bitfarms Stock Performance

BITF stock opened at $1.59 on Wednesday. The business’s fifty day moving average is $1.22 and its 200-day moving average is $1.05. 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 market cap of $884.28 million, a P/E ratio of -9.35 and a beta of 3.50. Bitfarms has a twelve month low of $0.67 and a twelve month high of $2.76.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BITF shares. Jones Trading started coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 price target on the stock. HC Wainwright reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $3.95.

Institutional Trading of Bitfarms

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of Bitfarms by 52.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after buying an additional 1,306,212 shares in the last quarter. Vident Advisory LLC increased its position in shares of Bitfarms by 10.4% in the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock valued at $5,279,000 after buying an additional 628,603 shares in the last quarter. Continental General Insurance Co. bought a new stake in shares of Bitfarms in the 1st quarter valued at $2,124,000. Cetera Investment Advisers increased its position in shares of Bitfarms by 31.9% in the 4th quarter. Cetera Investment Advisers now owns 963,793 shares of the company’s stock valued at $1,436,000 after buying an additional 232,821 shares in the last quarter. Finally, Trium Capital LLP bought a new stake in shares of Bitfarms in the 1st quarter valued at $609,000. 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.