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

Bitfarms Ltd. (NASDAQ:BITF) saw unusually large options trading activity on Tuesday. Traders acquired 32,674 call options on the company. This represents an increase of 199% compared to the average daily volume of 10,925 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its holdings in Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the last quarter. Gladstone Institutional Advisory LLC boosted its holdings in 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 purchasing an additional 5,000 shares during the last quarter. HBW Advisory Services LLC purchased a new stake in Bitfarms in the third quarter worth approximately $63,000. Cetera Investment Advisers boosted its holdings in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Bitfarms by 67.3% during the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after purchasing an additional 61,624 shares during the period. 20.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Monday, September 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Up 0.9 %

BITF stock traded up $0.02 on Wednesday, reaching $2.27. 20,052,693 shares of the company traded hands, compared to its average volume of 22,176,518. 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 $929.13 million, a P/E ratio of -5.92 and a beta of 3.63. Bitfarms has a one year low of $1.01 and a one year high of $3.91. The firm has a fifty day simple moving average of $2.04 and a 200-day simple moving average of $2.21.

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

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.