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

Bitfarms Ltd. (NASDAQ:BITF) was the target of unusually large options trading activity on Wednesday. Traders bought 205,380 call options on the stock. This represents an increase of 506% compared to the average daily volume of 33,912 call options.

Hedge Funds Weigh In On Bitfarms

Hedge funds have recently added to or reduced their stakes in the stock. Vident Advisory LLC raised its position in shares of 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 purchasing an additional 4,677,425 shares during the period. Bank of America Corp DE raised its position in shares of 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 purchasing an additional 127,865 shares during the period. 272 Capital LP acquired a new stake in shares of Bitfarms during the second quarter worth about $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised 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 period. Finally, WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the second quarter worth about $43,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Down 3.6%

Shares of NASDAQ:BITF opened at $2.68 on Friday. Bitfarms has a 52 week low of $0.67 and a 52 week high of $3.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The company’s fifty day moving average is $1.60 and its 200-day moving average is $1.18. The company has a market capitalization of $1.49 billion, a PE ratio of -15.76 and a beta of 3.50.

Bitfarms (NASDAQ:BITF) last announced its 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). The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. Equities research analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BITF shares. Wall Street Zen upgraded Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Compass Point started coverage on Bitfarms in a report on Monday, September 15th. They issued a “buy” rating for the company. Finally, Jones Trading started coverage on Bitfarms in a report on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, 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.