Bitfarms Ltd. [BITF] Revenue clocked in at $191.90 million, up 138.64% YTD: What’s Next?

Bitfarms Ltd. [NASDAQ: BITF] price surged by 0.96 percent to reach at $0.01. The company report on April 24, 2023 at 7:00 AM that Bitfarms Receives Permit To Power Up To 100 MW In Argentina.

Will begin drawing electricity from private power provider at an expected price below $0.03 per KWh.

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

A sum of 4529255 shares traded at recent session while its average daily volume was at 4.55M shares. Bitfarms Ltd. shares reached a high of $1.09 and dropped to a low of $1.00 until finishing in the latest session at $1.05.

Guru’s Opinion on Bitfarms Ltd. [BITF]:

The Average True Range (ATR) for Bitfarms Ltd. is set at 0.11, with the Price to Sales ratio for BITF stock in the period of the last 12 months amounting to 1.64. The Price to Book ratio for the last quarter was 0.67, with the Price to Cash per share for the same quarter was set at 0.14.

BITF Stock Performance Analysis:

Bitfarms Ltd. [BITF] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -13.22. With this latest performance, BITF shares gained by 6.35% in over the last four-week period, additionally plugging by 12.18% over the last 6 months – not to mention a drop of -65.46% 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 51.09, with the RSI for the last a single of trading hit 47.44, and the three-weeks RSI is set at 52.26 for Bitfarms Ltd. [BITF]. The present Moving Average for the last 50 days of trading for this stock 0.9699, while it was recorded at 1.1150 for the last single week of trading, and 1.0154 for the last 200 days.

Insight into Bitfarms Ltd. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Bitfarms Ltd. [BITF] shares currently have an operating margin of -28.78 and a Gross Margin at +7.38. Bitfarms Ltd.’s Net Margin is presently recorded at -167.84.

Return on Equity for this stock declined to -70.72, with Return on Assets sitting at -54.11.

Bitfarms Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.00.

Bitfarms Ltd. [BITF] Insider Position Details

There are presently around $32 million, or 17.07% of BITF stock, in the hands of institutional investors. The top three institutional holders of BITF stocks are: INVESCO LTD. with ownership of 13,605,080, which is approximately -6.707% of the company’s market cap and around 7.14% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 3,870,710 shares of the stock with an approximate value of $4.03 million in BITF stocks shares; and VAN ECK ASSOCIATES CORP, currently with $3.35 million in BITF stock with ownership of nearly 65.803% of the company’s market capitalization.

Positions in Bitfarms Ltd. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 44 institutional holders increased their position in Bitfarms Ltd. [NASDAQ:BITF] by around 4,759,854 shares. Additionally, 35 investors decreased positions by around 3,891,277 shares, while 18 investors held positions by with 22,088,007 shares. The mentioned changes placed institutional holdings at 30,739,138 shares, according to the latest SEC report filing. BITF stock had 15 new institutional investments in for a total of 387,604 shares, while 16 institutional investors sold positions of 1,467,902 shares during the same period.


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