On April 12, 2023 at 10:55:34 ET an unusually large $9.96K block of Call contracts in Bitfarms (BITF) was sold, with a strike price of $1.00 / share, expiring in 9 days (on April 21, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.40 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in BITF options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 34.84% Upside

As of April 6, 2023, the average one-year price target for Bitfarms is $1.48. The forecasts range from a low of $1.47 to a high of $1.53. The average price target represents an increase of 34.84% from its latest reported closing price of $1.10.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Bitfarms is $125MM. The projected annual non-GAAP EPS is -$0.17.

What is the Fund Sentiment?

There are 105 funds or institutions reporting positions in Bitfarms. This is a decrease of 2 owner(s) or 1.87% in the last quarter. Average portfolio weight of all funds dedicated to BITF is 0.45%, an increase of 12.64%. Total shares owned by institutions increased in the last three months by 13.73% to 47,722K shares. The put/call ratio of BITF is 0.16, indicating a bullish outlook.

What are Large Shareholders Doing?

Invesco holds 13,605K shares representing 5.71% ownership of the company. In it’s prior filing, the firm reported owning 14,583K shares, representing a decrease of 7.19%. The firm decreased its portfolio allocation in BITF by 64.42% over the last quarter.

BLOK – Amplify Transformational Data Sharing ETF holds 8,547K shares representing 3.59% ownership of the company. In it’s prior filing, the firm reported owning 6,671K shares, representing an increase of 21.95%. The firm increased its portfolio allocation in BITF by 49.62% over the last quarter.

Mirae Asset Global Investments Co. holds 3,871K shares representing 1.62% ownership of the company. In it’s prior filing, the firm reported owning 3,436K shares, representing an increase of 11.23%. The firm decreased its portfolio allocation in BITF by 57.05% over the last quarter.

Van Eck Associates holds 3,226K shares representing 1.35% ownership of the company. In it’s prior filing, the firm reported owning 1,946K shares, representing an increase of 39.69%. The firm decreased its portfolio allocation in BITF by 39.65% over the last quarter.

BITQ – Bitwise Crypto Industry Innovators ETF holds 2,875K shares representing 1.21% ownership of the company. In it’s prior filing, the firm reported owning 1,712K shares, representing an increase of 40.44%. The firm increased its portfolio allocation in BITF by 24.13% over the last quarter.

Bitfarms Background Information
(This description is provided by the company.)

Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company- owned electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V. Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.

This article originally appeared on Fintel

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