Bitfarms Ltd. [BITF] is -76.44% lower this YTD. Is it still time to buy?


Bitfarms Ltd. [NASDAQ: BITF] loss -6.30% or -0.08 points to close at $1.19 with a heavy trading volume of 3890925 shares. The company report on June 22, 2022 that Bitfarms Announces Results of Annual General Meeting of Shareholders.

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This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.

Bitfarms Ltd. (“Bitfarms” or the “Company”) (NASDAQ: BITF // TSX: BITF), a global Bitcoin self-mining company is pleased to announce the results of its annual general meeting of shareholders (the “Meeting”), held in Brossard, Quebec on June 21, 2022. A total of 92,227,382 common shares, representing 45.58% of the issued and outstanding common shares of the Company were represented at the Meeting.

It opened the trading session at $1.26, the shares rose to $1.2604 and dropped to $1.14, the range by which the price of stock traded the whole day. The daily chart for BITF points out that the company has recorded -77.16% loss over the past six months. However, it is still 6.3% higher than its most recent low trading price.

If we look at the average trading volume of 4.65M shares, BITF reached to a volume of 3890925 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Bitfarms Ltd. [BITF]:

The Average True Range (ATR) for Bitfarms Ltd. is set at 0.14, with the Price to Sales ratio for BITF stock in the period of the last 12 months amounting to 1.23. The Price to Book ratio for the last quarter was 0.39, with the Price to Cash per share for the same quarter was set at 0.41.

Trading performance analysis for BITF stock

Bitfarms Ltd. [BITF] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.16. With this latest performance, BITF shares dropped by -35.33% in over the last four-week period, additionally sinking by -77.16% over the last 6 months – not to mention a drop of -70.62% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BITF stock in for the last two-week period is set at 32.22, with the RSI for the last a single of trading hit 30.77, and the three-weeks RSI is set at 33.70 for Bitfarms Ltd. [BITF]. The present Moving Average for the last 50 days of trading for this stock 2.0560, while it was recorded at 1.3460 for the last single week of trading, and 4.1823 for the last 200 days.

Bitfarms Ltd. [BITF]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Bitfarms Ltd. [BITF] shares currently have an operating margin of +40.05 and a Gross Margin at +65.56. Bitfarms Ltd.’s Net Margin is presently recorded at +13.06.

Return on Equity for this stock inclined to 10.03, with Return on Assets sitting at 7.39.

Bitfarms Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.30.

An analysis of insider ownership at Bitfarms Ltd. [BITF]

There are presently around $35 million, or 12.96% of BITF stock, in the hands of institutional investors. The top three institutional holders of BITF stocks are: INVESCO LTD. with ownership of 13,039,797, which is approximately 56.115% of the company’s market cap and around 13.85% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 2,335,302 shares of the stock with an approximate value of $2.97 million in BITF stocks shares; and COOPER CREEK PARTNERS MANAGEMENT LLC, currently with $2.74 million in BITF stock with ownership of nearly New of the company’s market capitalization.

Positions in Bitfarms Ltd. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 38 institutional holders increased their position in Bitfarms Ltd. [NASDAQ:BITF] by around 9,723,090 shares. Additionally, 46 investors decreased positions by around 6,889,778 shares, while 16 investors held positions by with 10,608,831 shares. The mentioned changes placed institutional holdings at 27,221,699 shares, according to the latest SEC report filing. BITF stock had 15 new institutional investments in for a total of 2,916,641 shares, while 28 institutional investors sold positions of 3,591,901 shares during the same period.