Bitfarms Ltd (NASDAQ:BITF) price on Wednesday, December 04, rose 7.54% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $2.14.
A look at the stock’s price movement, the close in the last trading session was $1.99, moving within a range at $1.99 and $2.17. Turning to its 52-week performance, $3.91 and $1.52 were the 52-week high and 52-week low respectively. Overall, BITF moved 23.70% over the past month.
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Bitfarms Ltd’s market cap currently stands at around $1.01 billion, with investors looking forward to this quarter’s earnings report slated for in January.
Analysts have a consensus estimate of 56.84M for the company’s revenue for the quarter, with a low and high estimate of 46.74M and 66.2M respectively. The average forecast suggests up to a 22.93% 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 193.58M, representing a 32.26% 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 Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% 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 -2.25% and 3.76% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 51.08, while 7-day volatility ratio is 7.84% and 9.90% in the 30-day chart. Further, Bitfarms Ltd (BITF) has a beta value of 3.39, and an average true range (ATR) of 0.20. Analysts have given the company’s stock an average 52-week price target of $5, forecast between a low of $5 and high of $5. Looking at the price targets, the low is -133.64% off current price level while to achieve the yearly target high, price needs to move -133.64%. Nonetheless, investors will most likely welcome a -133.64% jump to $5 which is the analysts’ median price.
If we refocus on Bitfarms Ltd (NASDAQ:BITF), historical trading data shows that trading volumes averaged 55.53 over the past 10 days and 29.81 million over the past 3 months. The company’s latest data on shares outstanding shows there are 452.94 million shares.
The 19.96% of Bitfarms Ltd’s shares are in the hands of company insiders while institutional holders own 19.70% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 42.54 million on 2024-11-15, giving us a short ratio of 1.18. The data shows that as of 2024-11-15 short interest in Bitfarms Ltd (BITF) stood at 937.9999999999999 of shares outstanding, with shares short rising to 39.05 million registered in 2024-10-15. Current price change has pushed the stock -26.46% 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.
