Traders Buy High Volume of Call Options on Bitfarms (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the target of some unusual options trading activity on Thursday. Stock investors acquired 13,346 call options on the company. This represents an increase of 88% compared to the average volume of 7,112 call options.

Hedge Funds Weigh In On Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. grew its stake in shares of Bitfarms by 9.3% in the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock valued at $19,900,000 after buying an additional 1,140,037 shares in the last quarter. Vident Advisory LLC grew its stake 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after buying an additional 1,223,201 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake 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. Finally, Continental General Insurance Co. bought a new stake in shares of Bitfarms in the 1st quarter valued at approximately $2,124,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BITF. HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a report on Thursday, March 27th. Finally, Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms presently has a consensus rating of "Buy" and an average price target of $4.44.

Bitfarms Stock Up 2.5%

NASDAQ:BITF traded up $0.03 on Friday, hitting $1.04. 28,048,379 shares of the company's stock traded hands, compared to its average volume of 27,564,786. The company has a current ratio of 2.64, a quick ratio of 2.58 and a debt-to-equity ratio of 0.03. Bitfarms has a 1 year low of $0.67 and a 1 year high of $3.15. The firm has a 50-day moving average price of $0.96 and a 200-day moving average price of $1.15. The company has a market cap of $575.42 million, a PE ratio of -5.45 and a beta of 3.45.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative return on equity of 12.70% and a negative net margin of 40.09%. The company had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. Equities analysts anticipate that Bitfarms will post -0.21 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.