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

Key Points

• Bitfarms experienced a significant increase in call options trading, with 32,785 options purchased, marking a 220% rise over its typical volume.
• Institutional investors have shown interest, with Invesco Ltd. increasing its stake by 9.3% in the last quarter, alongside several other firms boosting their holdings in Bitfarms.
• Analysts maintain a consensus "Buy" rating for Bitfarms, with a current price target of $3.95, despite the company reporting a slight miss in earnings per share in its recent quarterly results.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) was the target of unusually large options trading activity on Monday. Stock traders acquired 32,785 call options on the company. Thisisanincreaseofapproximately220% compared to the typical daily volume of 10,259 call options.

Analyst Upgrades and Downgrades

BITF has been the topic of several research analyst reports. Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 target price on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Up 3.3%

NASDAQ BITF traded up $0.04 during trading on Friday, reaching $1.27. The company's stock had a trading volume of 24,512,356 shares, compared to its average volume of 27,366,816. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $706.31 million, a PE ratio of -7.47 and a beta of 3.50. The business has a 50-day moving average price of $1.09 and a 200-day moving average price of $1.06. Bitfarms has a 1-year low of $0.67 and a 1-year high of $2.76.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. On average, research analysts forecast that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

A number of institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in Bitfarms by 9.3% in the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock valued at $19,900,000 after acquiring an additional 1,140,037 shares during the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 70.0% in the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after purchasing an additional 4,677,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after purchasing an additional 1,223,201 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Bitfarms by 3.8% in the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock valued at $2,860,000 after purchasing an additional 125,156 shares during the period. 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.