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

Bitfarms Ltd. (NASDAQ:BITF) was the target of some unusual options trading on Wednesday. Investors bought 25,960 call options on the stock. This is an increase of 66% compared to the typical volume of 15,621 call options.

Bitfarms Stock Down 5.6 %

Bitfarms stock opened at $2.05 on Friday. The firm has a market cap of $927.69 million, a PE ratio of -5.69 and a beta of 3.64. Bitfarms has a twelve month low of $1.01 and a twelve month high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm’s 50 day moving average price is $2.06 and its two-hundred day moving average price is $2.24.

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC bought a new position in Bitfarms during the third quarter valued at about $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms during the 3rd quarter worth $37,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter valued at about $38,000. Shell Asset Management Co. bought a new position in shares of Bitfarms in the first quarter worth about $43,000. Finally, Chesapeake Capital Corp IL lifted its position in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BITF has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $3.66.

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.