Bitfarms Ltd. [NASDAQ: BITF] stock went on an upward path that rose over 12.56% on Friday, amounting to a one-week price increase of more than 11.48%. The company report on January 24, 2024 at 7:00 AM that Bitfarms Purchases Land in Yguazu, Paraguay in Support of Transformative Fleet Upgrade & 2024 Target of 21 EH/s.
“This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower,” said Geoff Morphy, President and CEO of Bitfarms. “The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity. Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.
Over the last 12 months, BITF stock rose by 115.74%. The one-year Bitfarms Ltd. stock forecast points to a potential upside of 43.17. The average equity rating for BITF stock is currently 1.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $562.72 million, with 241.51 million shares outstanding and 225.84 million shares in the current float. Compared to the average trading volume of 26.24M shares, BITF stock reached a trading volume of 21702694 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Bitfarms Ltd. [BITF]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BITF shares is $4.10 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BITF stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Bitfarms Ltd. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 14, 2023.
The Average True Range (ATR) for Bitfarms Ltd. is set at 0.28, with the Price to Sales ratio for BITF stock in the period of the last 12 months amounting to 4.43. The Price to Book ratio for the last quarter was 2.25, with the Price to Cash per share for the same quarter was set at 0.27.
BITF Stock Performance Analysis:
Bitfarms Ltd. [BITF] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 11.48. With this latest performance, BITF shares dropped by -28.09% in over the last four-week period, additionally plugging by 36.26% over the last 6 months – not to mention a rise of 115.74% 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 48.39, with the RSI for the last a single of trading hit 48.68, and the three-weeks RSI is set at 50.26 for Bitfarms Ltd. [BITF]. The present Moving Average for the last 50 days of trading for this stock 2.24, while it was recorded at 2.11 for the last single week of trading, and 1.52 for the last 200 days.
Insight into Bitfarms Ltd. Fundamentals:
Bitfarms Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.80 and a Current Ratio set at 2.82.
Bitfarms Ltd. [BITF] Institutonal Ownership Details
The top three institutional holders of BITF stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in BITF stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in BITF stock with ownership which is approximately 5.8325%.
