The stock of Bitfarms Ltd. (NASDAQ: BITF) has increased by 1.47 when compared to last closing price of 2.04.Despite this, the company has seen a gain of 15.64% in its stock price over the last five trading days. globenewswire.com reported 2024-09-13 that – Agreement to support 2.2 EH/s with energization expected in October, two months ahead of schedule –
Is It Worth Investing in Bitfarms Ltd. (NASDAQ: BITF) Right Now?
The 36-month beta value for BITF is at 3.33. Analysts have varying views on the stock, with 5 analysts rating it as a “buy,” 1 rating it as “overweight,” 1 as “hold,” and 0 as “sell.”
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The public float for BITF is 347.62M, and currently, shorts hold a 8.55% of that float. The average trading volume for BITF on September 13, 2024 was 20.82M shares.
BITF’s Market Performance
BITF’s stock has seen a 15.64% increase for the week, with a -7.18% drop in the past month and a -26.34% fall in the past quarter. The volatility ratio for the week is 7.62%, and the volatility levels for the past 30 days are at 6.88% for Bitfarms Ltd. The simple moving average for the past 20 days is -4.23% for BITF’s stock, with a -12.97% simple moving average for the past 200 days.
Analysts’ Opinion of BITF
Many brokerage firms have already submitted their reports for BITF stocks, with Cantor Fitzgerald repeating the rating for BITF by listing it as a “Overweight.” The predicted price for BITF in the upcoming period, according to Cantor Fitzgerald is $5 based on the research report published on June 11, 2024 of the current year 2024.
H.C. Wainwright, on the other hand, stated in their research note that they expect to see BITF reach a price target of $4. The rating they have provided for BITF stocks is “Buy” according to the report published on June 04th, 2024.
B. Riley Securities gave a rating of “Buy” to BITF, setting the target price at $4 in the report published on December 14th of the previous year.
BITF Trading at -12.39% from the 50-Day Moving Average
After a stumble in the market that brought BITF to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -47.06% of loss for the given period.
Volatility was left at 6.88%, however, over the last 30 days, the volatility rate increased by 7.62%, as shares sank -10.22% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -17.73% lower at present.
During the last 5 trading sessions, BITF rose by +15.36%, which changed the moving average for the period of 200-days by +94.81% in comparison to the 20-day moving average, which settled at $2.15. In addition, Bitfarms Ltd. saw -28.87% in overturn over a single year, with a tendency to cut further losses.
Stock Fundamentals for BITF
Current profitability levels for the company are sitting at:
- -0.47 for the present operating margin
- -0.17 for the gross margin
The net margin for Bitfarms Ltd. stands at -0.63. The total capital return value is set at -0.17. Equity return is now at value -29.05, with -25.17 for asset returns.
Based on Bitfarms Ltd. (BITF), the company’s capital structure generated 0.01 points at debt to capital in total, while cash flow to debt ratio is standing at 13.48. The debt to equity ratio resting at 0.01. The interest coverage ratio of the stock is -37.29.
Currently, EBITDA for the company is 18.42 million with net debt to EBITDA at -2.48. When we switch over and look at the enterprise to sales, we see a ratio of 4.77. The receivables turnover for the company is 9.24for trailing twelve months and the total asset turnover is 0.32. The liquidity ratio also appears to be rather interesting for investors as it stands at 5.11.
Conclusion
In conclusion, Bitfarms Ltd. (BITF) has had a mixed performance lately. Opinion on the stock among analysts is bullish, with some giving it a “buy” rating and others a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
