Bitfarms Ltd. (NASDAQ:BITF) price on Wednesday, October 23, fall -6.19% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $1.97.
A look at the stock’s price movement, the close in the last trading session was $2.10, moving within a range at $1.91 and $2.09. The beta value (5-Year monthly) was 3.202. Turning to its 52-week performance, $3.91 and $1.00 were the 52-week high and 52-week low respectively. Overall, BITF moved -10.86% over the past month.
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Bitfarms Ltd.’s market cap currently stands at around $893.41 million, with investors looking forward to this quarter’s earnings report slated for in November.
Analysts have a consensus estimate of 52.31M for the company’s revenue for the quarter, with a low and high estimate of 44.1M and 65.1M respectively. The average forecast suggests up to a 51.20% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 221.78M, representing a 51.50% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that BITF is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
5 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 5 recommend BITF as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
BITF’s current price about -0.15% and -4.70% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 48.57, while 7-day volatility ratio is 7.52% and 5.98% in the 30-day chart. Further, Bitfarms Ltd. (BITF) has a beta value of 3.32, and an average true range (ATR) of 0.13. Analysts have given the company’s stock an average 52-week price target of $4, forecast between a low of $2.3 and high of $6. Looking at the price targets, the low is -16.75% off current price level while to achieve the yearly target high, price needs to move -204.57%. Nonetheless, investors will most likely welcome a -103.05% jump to $4 which is the analysts’ median price.
If we refocus on Bitfarms Ltd. (NASDAQ:BITF), historical trading data shows that trading volumes averaged 22.17 over the past 10 days and 17.44 million over the past 3 months. The company’s latest data on shares outstanding shows there are 453.51 million shares.
The 23.35% of Bitfarms Ltd.’s shares are in the hands of company insiders while institutional holders own 21.70% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 35.64 million on 2024-09-30, giving us a short ratio of 2.46. The data shows that as of 2024-09-30 short interest in Bitfarms Ltd. (BITF) stood at 821.00004 of shares outstanding, with shares short rising to 29.41 million registered in 2024-08-30. Current price change has pushed the stock -32.30% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the BITF stock continues to rise going into the next quarter.
