In yesterday’s Wall Street session, Bitfarms Ltd. (NASDAQ:BITF) shares traded at $1.05, down -2.78% 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 $3.50 and a low of $3.00, we find $3.13. Given the previous closing price of $1.08, this indicates a potential upside of 189.81 percent. BITF stock price is now -7.71% away from the 50-day moving average and -12.11% away from the 200-day moving average. The market capitalization of the company currently stands at $253.59M.
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 1,360,920 shares of company stock worth roughly $1.43 million over the past 1 year. A total of 6.46% of the company’s stock is owned by insiders.
Tuesday morning saw Bitfarms Ltd. (NASDAQ: BITF) opened at $1.0800. 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 $1.1333 and a two-hundred day moving average price translates $1.1946 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.
