Additionally, the 36-month beta value for BITF is 3.34. There are mixed opinions on the stock, with 5 analysts rating it as a “buy,” 1 rating it as “overweight,” 1 rating it as “hold,” and 0 rating it as “sell.”
The public float for BITF is 347.62M and currently, short sellers hold a 9.34% ratio of that float. The average trading volume of BITF on October 11, 2024 was 17.94M shares.
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BITF) stock’s latest price update
Bitfarms Ltd. (NASDAQ: BITF)’s stock price has soared by 4.29 in relation to previous closing price of 1.75. Nevertheless, the company has seen a loss of -9.65% in its stock price over the last five trading days. globenewswire.com reported 2024-10-04 that -This is a required amendment based on the proposed Stronghold Digital Mining acquisition- -US$127 million remains on the ATM- This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023. TORONTO, Ontario and BROSSARD, Québec, Oct. 04, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd.
BITF’s Market Performance
Bitfarms Ltd. (BITF) has experienced a -9.65% fall in stock performance for the past week, with a -10.54% drop in the past month, and a -34.12% drop in the past quarter. The volatility ratio for the week is 6.19%, and the volatility levels for the past 30 days are at 5.59% for BITF. The simple moving average for the past 20 days is -8.74% for BITF’s stock, with a -22.21% 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 -12.83% 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 -53.32% of loss for the given period.
Volatility was left at 5.59%, however, over the last 30 days, the volatility rate increased by 6.19%, as shares sank -11.52% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -26.63% lower at present.
During the last 5 trading sessions, BITF fell by -10.64%, which changed the moving average for the period of 200-days by -44.29% in comparison to the 20-day moving average, which settled at $1.9987. In addition, Bitfarms Ltd. saw -37.29% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at BITF starting from MALON INVESTMENTS HOLDINGS COR, who proposed sale 600,000 shares at the price of $1.93 back on Oct 07 ’24. After this action, MALON INVESTMENTS HOLDINGS COR now owns shares of Bitfarms Ltd., valued at $1,158,717 using the latest closing price.
Bonta Nicolas, the Former Director of Bitfarms Ltd., proposed sale 1,000,000 shares at $2.02 during a trade that took place back on Oct 04 ’24, which means that Bonta Nicolas is holding shares at $2,016,700 based on the most recent closing price.
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 4.02. 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 seen bad performance in recent times. Analysts have a bullish opinion on the stock, with some rating it as a “buy” and others rating it as 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.
