Bitfarms Sees Unusually High Options Volume (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 recipient of unusually large options trading on Monday. Stock investors bought 32,785 call options on the stock. Thisrepresentsanincreaseof220% compared to the typical volume of 10,259 call options.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of Bitfarms by 9.3% during the 4th 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 grew its position in 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 acquiring an additional 4,677,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 acquiring an additional 1,223,201 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after purchasing an additional 1,306,212 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Bitfarms by 3.8% in the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock worth $2,860,000 after purchasing an additional 125,156 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BITF has been the subject of a number of research analyst reports. Jones Trading began coverage on Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 price target for the company. HC Wainwright restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Performance

Bitfarms stock traded up $0.10 during mid-day trading on Monday, reaching $1.36. The company's stock had a trading volume of 40,114,867 shares, compared to its average volume of 25,893,869. Bitfarms has a twelve month low of $0.67 and a twelve month high of $2.76. The firm has a market cap of $755.48 million, a price-to-earnings ratio of -8.03 and a beta of 3.50. 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 business has a 50 day moving average price of $1.05 and a 200-day moving average price of $1.06.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data 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). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Sell-side analysts predict that Bitfarms will post -0.21 EPS for the current fiscal year.

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.

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