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

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

Analysts Set New Price Targets

BITF has been the subject of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Gladstone Institutional Advisory LLC increased its holdings in shares of Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after buying an additional 5,000 shares during the period. WINTON GROUP Ltd purchased a new position in Bitfarms during the 2nd quarter valued at about $38,000. VitalStone Financial LLC purchased a new position in Bitfarms during the 1st quarter valued at about $37,000. Shell Asset Management Co. purchased a new position in Bitfarms during the 1st quarter valued at about $43,000. Finally, HBW Advisory Services LLC purchased a new position in Bitfarms during the 3rd quarter valued at about $63,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

NASDAQ BITF traded up $0.15 during trading hours on Tuesday, reaching $2.29. 32,067,578 shares of the stock traded hands, compared to its average volume of 22,068,490. The stock has a 50 day simple moving average of $2.04 and a two-hundred day simple moving average of $2.21. Bitfarms has a 1 year low of $1.01 and a 1 year high of $3.91. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The company has a market cap of $937.31 million, a price-to-earnings ratio of -6.11 and a beta of 3.63.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $41.55 million for the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. On average, analysts predict that Bitfarms will post -0.29 EPS for the current fiscal year.

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.