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

Bitfarms Ltd. (NASDAQ:BITF) was the target of unusually large options trading activity on Wednesday. Traders acquired 25,960 call options on the company. This represents an increase of 66% compared to the typical volume of 15,621 call options.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. 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 a consensus price target of $3.66.

Bitfarms Trading Down 2.7 %

Shares of Bitfarms stock opened at $2.17 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The stock’s 50 day simple moving average is $2.06 and its 200-day simple moving average is $2.24. The stock has a market cap of $982.87 million, a P/E ratio of -6.03 and a beta of 3.64. Bitfarms has a 1-year low of $1.01 and a 1-year high of $3.91.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently made changes to their positions in BITF. Swiss National Bank acquired a new position in Bitfarms during the 1st quarter worth $1,426,000. Cetera Investment Advisers increased its position in shares of Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Bitfarms in the 1st quarter valued at approximately $43,000. K2 Principal Fund L.P. purchased a new stake in shares of Bitfarms in the 2nd quarter valued at approximately $816,000. Finally, Marshall Wace LLP purchased a new stake in shares of Bitfarms in the 2nd quarter valued at approximately $4,016,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.