Stocks of Bitfarms Ltd. (NASDAQ:BITF) traded higher last session on Wall Street, up 2.11% to $1.02.
According to the data, Bitfarms Ltd. (NASDAQ:BITF) has 4 analysts covering its stock. The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $3.50 and a low of $3.00, we find $3.13. Given the previous closing price of $1.00, this indicates a potential upside of 213.0 percent. BITF stock price is now -13.90% away from the 50-day moving average and -13.48% away from the 200-day moving average. The market capitalization of the company currently stands at $246.34M.
A total of 0 analysts have issued a hold rating and 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 1,360,920 shares of company stock worth roughly $1.39 million over the past 1 year. A total of 6.46% 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 RENAISSANCE TECHNOLOGIES LLC during the first quarter worth $1,600,000. CITADEL ADVISORS LLC invested $418,000 in shares of BITF during the first quarter. In the first quarter, XTX TOPCO LTD acquired a new stake in Bitfarms Ltd. valued at approximately $402,000. TWO SIGMA INVESTMENTS, LP acquired a new stake in BITF for approximately $369,000. CUBIST SYSTEMATIC STRATEGIES, LLC purchased a new stake in BITF valued at around $140,000 in the second quarter. In total, there are 103 active investors with 17.14% ownership of the company’s stock.
Friday’s opening bell rang with an opening price of $1.0400 for Bitfarms Ltd. (NASDAQ: BITF). During the past 12 months, Bitfarms Ltd. has had a low of $0.38 and a high of $2.16. As of last week, the company has a debt-to-equity ratio of 0.12, a current ratio of 1.93, and a quick ratio of 1.91. The fifty day moving average price for BITF is $1.1741 and a two-hundred day moving average price translates $1.1814 for the stock.
The latest earnings results from Bitfarms Ltd. (NASDAQ: BITF) was released for Jun, 2023. According to the Capital Markets Company, earnings per share came in at -$0.1, missing analysts’ expectations of -$0.05 by -0.05. This compares to -$0.70 EPS in the same period last year. The net profit margin was -102.55% and return on equity was -42.45% for BITF. The company reported revenue of $35.48 million for the quarter, compared to $41.81 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -15.15 percent. For the current quarter, analysts expect BITF to generate $34.5M 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.
