In yesterday’s Wall Street session, Bitfarms Ltd. (NASDAQ:BITF) shares traded at $1.62, up 5.88% from the previous session.
As of this writing, 4 analysts cover Bitfarms Ltd. (NASDAQ:BITF). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $4.50 and a low of $2.00, we find $3.13. Given the previous closing price of $1.53, this indicates a potential upside of 104.58 percent. BITF stock price is now 7.56% away from the 50-day moving average and 55.79% away from the 200-day moving average. The market capitalization of the company currently stands at $495.96M.
Top 5 Artificial Intelligence Stocks to Buy for 2024
By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it.
According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."
Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"
Sponsored
There are 0 analysts who have given it a hold rating, whereas 4 have given it a buy rating. Brokers who have rated the stock have averaged $3.19 as their price target over the next twelve months.
With the price target of $2, Cantor Fitzgerald recently initiated with Overweight rating for Bitfarms Ltd. (NASDAQ: BITF).
Insiders disposed of 2,239,377 shares of company stock worth roughly $3.63 million over the past 1 year. A total of 7.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in BITF stock. A new stake in Bitfarms Ltd. shares was purchased by HARVEST PORTFOLIOS GROUP INC. during the first quarter worth $218,000. IMPACT PARTNERSHIP WEALTH, LLC invested $98,000 in shares of BITF during the first quarter. In the first quarter, VIRTU FINANCIAL LLC acquired a new stake in Bitfarms Ltd. valued at approximately $86,000. HRT FINANCIAL LP acquired a new stake in BITF for approximately $78,000. JUMP FINANCIAL, LLC purchased a new stake in BITF valued at around $64,000 in the second quarter. In total, there are 103 active investors with 14.56% ownership of the company’s stock.
Tuesday morning saw Bitfarms Ltd. (NASDAQ: BITF) opened at $1.5600. During the past 12 months, Bitfarms Ltd. has had a low of $0.38 and a high of $2.33. As of last week, the company has a debt-to-equity ratio of 0.14, a current ratio of 1.70, and a quick ratio of 1.70. The fifty day moving average price for BITF is $1.5172 and a two-hundred day moving average price translates $1.0432 for the stock.
The latest earnings results from Bitfarms Ltd. (NASDAQ: BITF) was released for Mar, 2023. The company reported revenue of $30.05 million for the quarter, compared to $40.33 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -25.49 percent. For the current quarter, analysts expect BITF to generate $34.1M in revenue.
Bitfarms Ltd.(BITF) Company Profile
Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third-party mining hardware. Bitfarms Ltd. was founded in 2017 and is based in Toronto, Canada.
