Investors with a lot of money to spend have taken a bearish stance on Bitfarms (BITF), and retail traders should take notice. This was evident when significant trades showed up on publicly available options history that Benzinga tracks.
Whether these trades are being made by institutions or wealthy individuals is unclear, but when such substantial movements occur with a stock like BITF, it often indicates that someone knows something big is about to happen. Today, Benzinga’s options scanner spotted 16 uncommon options trades for Bitfarms, which is not a typical occurrence.
The overall sentiment among these big-money traders is split between 31% bullish and 68% bearish. Out of all the special options uncovered, 2 were puts totaling $69,765, and 14 were calls totaling $531,583.
Expected Price Movements
Based on the volume and open interest on these contracts, it appears that whales have been targeting a price range from $0.5 to $5.0 for Bitfarms over the last 3 months. Analyzing the volume and open interest is a strategic step in options trading as it provides insights into liquidity and investor interest in Bitfarms’ options at specified strike prices.
Biggest Options Spotted
Some of the biggest options spotted for Bitfarms include bearish call trades with varying expiration dates and strike prices. These trades indicate a significant bearish sentiment among the big-money traders.
About Bitfarms
Bitfarms Ltd is engaged in the cryptocurrency mining industry, primarily selling its computational power for hashing calculations for cryptocurrency mining in multiple jurisdictions. The company owns and operates server farms comprising computers designed to validate transactions on the Bitcoin Blockchain.
Bitfarms’ Current Market Status
Bitfarms is currently trading with a volume of 39,273,721, with the price down by -0.87% at $2.29. RSI readings suggest the stock is currently neutral, and the anticipated earnings release is in 49 days.
What Analysts Are Saying About Bitfarms
In the past month, industry analysts have shared their insights on Bitfarms, with an average target price of $4. Analysts from Cantor Fitzgerald have maintained their Overweight rating with a price target of $4, while an analyst from HC Wainwright & Co. has lowered their rating to Buy with a new price target of $4.
Options trading presents higher risks and potential rewards, and it is essential for traders to continually educate themselves, adapt their strategies, monitor multiple indicators, and stay informed about market movements. Stay updated on the latest Bitfarms options trades with real-time alerts from Benzinga Pro.
