Bitfarms Ltd (NASDAQ:BITF) price on Wednesday, January 15, rose 6.37% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $1.67.
A look at the stock’s price movement, the close in the last trading session was $1.57, moving within a range at $1.61 and $1.69. Turning to its 52-week performance, $3.91 and $1.47 were the 52-week high and 52-week low respectively. Overall, BITF moved -17.33% over the past month.
Bitfarms Ltd’s market cap currently stands at around $789.07 million, with investors looking forward to this quarter’s earnings report slated for in February.
Analysts have a consensus estimate of 56.11M for the company’s revenue for the quarter, with a low and high estimate of 49.4M and 66.2M respectively. The average forecast suggests up to a 21.34% 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 192.83M, representing a 31.74% 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 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 -1.10% and -14.35% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 45.76, while 7-day volatility ratio is 5.98% and 7.79% in the 30-day chart. Further, Bitfarms Ltd (BITF) has a beta value of 3.46, and an average true range (ATR) of 0.15. 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 -37.72% off current price level while to achieve the yearly target high, price needs to move -259.28%. Nonetheless, investors will most likely welcome a -139.52% 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 41.73 over the past 10 days and 44.32 million over the past 3 months. The company’s latest data on shares outstanding shows there are 452.94 million shares.
The 19.19% of Bitfarms Ltd’s shares are in the hands of company insiders while institutional holders own 19.43% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 59.48 million on 2024-12-31, giving us a short ratio of 1.21. The data shows that as of 2024-12-31 short interest in Bitfarms Ltd (BITF) stood at 1312.0 of shares outstanding, with shares short rising to 45.09 million registered in 2024-11-29. Current price change has pushed the stock 12.08% 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.
