As of Wednesday close, Bitfarms Ltd.’s (NASDAQ:BITF) stock was down -$0.01, moving down -0.88 percent to $1.12. The average number of shares traded per day over the past five days has been 5,813,160 shares. 2 times new highs have been achieved over the past 5 days, with a $0.0200 gain in that time frame. In the last twenty days, the average volume was 6,664,365, while in the previous 50 days, it was 9,616,116.
Since last month, BITF stock retreated -11.81%. Shares of the company fell to $1.0900 on 09/13/23, the lowest level in the past month. A 52-week high of $2.16 was reached on 07/14/23 after having rallying from a 52-week low of $0.38. Since the beginning of this year, BITF’s stock price has risen by 154.55% or $0.6800, and marked a new high 23 times. However, the stock has declined by -48.15% since its 52-week high.
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Valuation Metrics
The stock’s beta is 3.11. Besides these, the trailing price-to-sales (P/S) ratio of 2.44, the price-to-book (PB) ratio of 0.75.
Financial Health
In the three months ended June 29, Bitfarms Ltd.’s quick ratio stood at 1.90, while its current ratio was 1.90, showing that the company is able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 0.05, and the total debt-to-equity ratio was 0.12. On the profitability front, the trailing twelve-month gross margin is -24.20% percent. Based on annual data, BITF earned $10.52 million in gross profit and brought in $142.43 million in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was -82.80%. Return on equity (ROE) for the past 12 months was -48.70%.
According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. While analysts expected Bitfarms Ltd. to report -$0.05 quarterly earnings, the actual figure was -$0.06 per share. During the quarter, the company generated -$4.64 million in EBITDA. The liabilities of Bitfarms Ltd. were 52.89 million at the end of its most recent quarter ended June 29, and its total debt was $31.73 million.
Technical Picture
This quick technical analysis looks at Bitfarms Ltd.’s (BITF) price momentum. With a historical volatility rate of 69.11%, the RSI 9-day stood at 35.25% on 20 September.
With respect to its five-day moving average, the current Bitfarms Ltd. price is up by +1.82% percent or $0.0200. At present, BITF shares trade -12.50% below its 20-day simple moving average and -8.20% percent below its 100-day simple moving average. However, the stock is currently trading approximately -38.46% below its SMA50 and +93.10% above its SMA200.
Stochastic coefficient K was 11.24% and Stochastic coefficient D was 14.55%, while ATR was 0.1013. Given the Stochastic reading of 8.11% for the 14-day period, the RSI (14) reading has been calculated as 37.05%. As of today, the MACD Oscillator reading stands at -0.0111, while the 14-day reading stands at -0.0617.
Analyst Ratings
Cantor Fitzgerald launched its rating on Bitfarms Ltd. (NASDAQ: BITF) to an Overweight in a note to investors on May 19, 2023. Bitfarms Ltd. (BITF) has been rated Buy by analysts. According to 0 brokerage firms, BITF is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Bitfarms Ltd. stock as buy, with 4 recommending it as overweight.
With a median target price of $3.13, the current consensus forecast for the stock is $3.00 – $5.00. Based on these forecasts, analysts predict Bitfarms Ltd. (BITF) will achieve an average price target of $3.56.
