Bitfarms Ltd. (BITF) Stock Could Soon Reward Patient Investors

Bitfarms Ltd. (NASDAQ: BITF) is -6.53% lower on its value in year-to-date trading and has touched a low of $0.68 and a high of $3.56 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The BITF stock was last observed hovering at around $2.52 in the last trading session, with the day’s gains setting it 0.2%.

Currently trading at $2.72, the stock is 20.70% and 11.07% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 40.63 million and changing 7.94% at the moment leaves the stock 73.10% off its SMA200. BITF registered 151.85% gain for a year compared to 6-month gain of 75.48%. The firm has a 50-day simple moving average (SMA 50) of $6.63 and a 200-day simple moving average (SMA200) of $31.05.

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The stock witnessed a -9.33% loss in the last 1 month and extending the period to 3 months gives it a 142.86%, and is 21.43% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 8.02% over the week and 10.22% over the month.

Profit margin for the company is -49.48%. Distance from 52-week low is 300.00% and -23.60% from its 52-week high. The company has generated returns on investments over the last 12 months (-20.92%).

Bitfarms Ltd. quarterly earnings per share for the current quarter are estimated at -$0.03 with sales reaching $43.08M over the same period.The EPS is expected to grow by 81.96% this year.

Bitfarms Ltd. (BITF) Top Institutional Holders

138 institutions hold shares in Bitfarms Ltd. (BITF), with institutional investors hold 22.87% of the company’s shares. The shares outstanding are 301.86M, and float is at 282.27M with Short Float at 10.60%. Institutions hold 21.80% of the Float.

The top institutional shareholder in the company is Invesco Ltd. with over 6.3 million shares valued at $9.26 million. The investor’s holdings represent 2.87% of the BITF Shares outstanding. As of Jun 29, 2023, the second largest holder is State Street Corporation with 4.23 million shares valued at $6.22 million to account for 1.93% of the shares outstanding. The other top investors are Toroso Investments, LLC which holds 4.14 million shares representing 1.89% and valued at over $6.09 million, while Van Eck Associates Corporation holds 1.38% of the shares totaling 3.02 million with a market value of $4.44 million.

Bitfarms Ltd. (BITF) Insider Activity

A total of 3 insider transactions have happened at Bitfarms Ltd. (BITF) in the last six months, with sales accounting for 1 and purchases happening 2 times.