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

Bitfarms Ltd. (NASDAQ:BITF) was the target of unusually large options trading activity on Thursday. Investors bought 146,304 call options on the company. This represents an increase of 55% compared to the average daily volume of 94,298 call options.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently bought and sold shares of the business. Western Wealth Management LLC boosted its holdings in shares of Bitfarms by 12.8% in the 3rd quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after acquiring an additional 3,024 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Bitfarms by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock worth $811,000 after purchasing an additional 9,713 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Bitfarms by 36.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock valued at $111,000 after purchasing an additional 10,619 shares during the period. Cetera Investment Advisers boosted its holdings in Bitfarms by 1.4% in the second quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock valued at $664,000 after purchasing an additional 10,622 shares during the last quarter. Finally, US Bancorp DE purchased a new stake in Bitfarms in the third quarter valued at $34,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Stock Performance

BITF traded down $0.58 on Thursday, reaching $2.60. 99,190,257 shares of the stock were exchanged, compared to its average volume of 44,160,332. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The company’s 50-day moving average price is $3.49 and its 200 day moving average price is $1.92. The firm has a market capitalization of $1.46 billion, a PE ratio of -15.36 and a beta of 3.77. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, sell-side analysts forecast that Bitfarms will post -0.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BITF. Macquarie restated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Jones Trading initiated coverage on Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 price target on the stock. Finally, Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating for the company. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

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.