Bitfarms Ltd (NASDAQ: BITF)’s stock price has increased by 6.64 compared to its previous closing price of 2.11. However, the company has seen a 0.45% increase in its stock price over the last five trading sessions. seekingalpha.com reported 2024-11-14 that Bitfarms remains independent after settling with Riot, stabilizing its leadership team. Q3 results showed 8% revenue growth, but increased costs per BTC due to April’s halving and higher energy expenses. The company raised $240M YTD through share sales, with liquidity at $145M, but continued share dilution is expected to fund operations.
Is It Worth Investing in Bitfarms Ltd (NASDAQ: BITF) Right Now?
The 36-month beta value for BITF is also noteworthy at 3.36. 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.”
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The public float for BITF is 362.99M, and at present, short sellers hold a 10.76% of that float. The average trading volume of BITF on November 18, 2024 was 22.42M shares.
BITF’s Market Performance
BITF’s stock has seen a 0.45% increase for the week, with a 20.32% rise in the past month and a -5.86% fall in the past quarter. The volatility ratio for the week is 12.87%, and the volatility levels for the past 30 days are at 8.99% for Bitfarms Ltd The simple moving average for the last 20 days is 5.78% for BITF stock, with a simple moving average of -1.70% for the last 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 10.08% 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 -42.46% of loss for the given period.
Volatility was left at 8.99%, however, over the last 30 days, the volatility rate increased by 12.87%, as shares surge +9.22% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +25.70% upper at present.
During the last 5 trading sessions, BITF rose by +0.45%, which changed the moving average for the period of 200-days by -2.60% in comparison to the 20-day moving average, which settled at $2.13. In addition, Bitfarms Ltd saw -22.68% 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 100,000 shares at the price of $2.17 back on Nov 07 ’24. After this action, MALON INVESTMENTS HOLDINGS COR now owns shares of Bitfarms Ltd, valued at $217,120 using the latest closing price.
MALON INVESTMENTS HOLDINGS COR, the Former Director of Bitfarms Ltd, proposed sale 500,000 shares at $1.88 during a trade that took place back on Oct 15 ’24, which means that MALON INVESTMENTS HOLDINGS COR is holding shares at $939,150 based on the most recent closing price.
Stock Fundamentals for BITF
Current profitability levels for the company are sitting at:
- -0.58 for the present operating margin
- -0.17 for the gross margin
The net margin for Bitfarms Ltd stands at -0.7. The total capital return value is set at -0.2. Equity return is now at value -31.62, with -27.49 for asset returns.
Currently, EBITDA for the company is -15.86 million with net debt to EBITDA at -6.52. When we switch over and look at the enterprise to sales, we see a ratio of 5.28. The receivables turnover for the company is 13.83for trailing twelve months and the total asset turnover is 0.31. The liquidity ratio also appears to be rather interesting for investors as it stands at 3.70.
Conclusion
In summary, Bitfarms Ltd (BITF) has had a mixed performance as of late. Analysts have bullish opinions on the stock, with some viewing it as a “buy” and others 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.
