Bitfarms Ltd. (NASDAQ:BITF) shares, rose in value, with the stock price up by 1.61% to the previous day’s close as strong demand from buyers drove the stock to $2.21.
Actively observing the price movement in the last trading, the stock closed the session at $2.18. The value of beta (5-year monthly) was 3.40. Referring to stock’s 52-week performance, its high was $3.91, and the low was $0.82. On the whole, BITF has fluctuated by -15.78% over the past month.
With the market capitalization of Bitfarms Ltd. currently standing at about $668.62 million, investors are eagerly awaiting this quarter’s results, scheduled for Mar 19, 2024 – Mar 25, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.03, which is expected to increase to -$0.01 for fiscal year -$0.12 and then to about $0.57 by fiscal year 2025. Data indicates that the EPS growth is expected to be 70.00% in 2025, while the next year’s EPS growth is forecast to be 575.00%.
Analysts have estimated the company’s revenue for the quarter at $48.96 million, with a low estimate of $44 million and a high estimate of $55.98 million. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $252.38 million, representing an increase of 72.40% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that BITF’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of BITF currently trading nearly -5.43% and -14.17% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 42.38, while the 7-day volatility ratio is showing 7.53% which for the 30-day chart, stands at 8.46%. Furthermore, Bitfarms Ltd. (BITF)’s beta value is 3.28, and its average true range (ATR) is 0.22.
A comparison of Bitfarms Ltd. (BITF) with its peers suggests the former has fared considerably weaker in the market. BITF showed an intraday change of 1.61% in last session, and over the past year, it grew by 128.35%%.
Data on historical trading for Bitfarms Ltd. (NASDAQ:BITF) indicates that the trading volumes over the past 10 days have averaged 27.13 million and over the past 3 months, they’ve averaged 26.89 million. According to company’s latest data on outstanding shares, there are 334.15 million shares outstanding.
Nearly 4.70% of Bitfarms Ltd.’s shares belong to company insiders and institutional investors own 25.51% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 26.85 million shares as on Mar 15, 2024, resulting in a short ratio of 0.88. According to the data, the short interest in Bitfarms Ltd. (BITF) stood at 8.04% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 26.0 million. The stock has fallen by -23.88% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the BITF stock heading into the next quarter.
