Bitfarms Ltd. [NASDAQ: BITF] gained 6.37% on the last trading session, reaching $2.67 price per share at the time. The company report on March 8, 2024 at 5:37 PM that Bitfarms Announces $375 Million At-the-Market Equity Offering Program.
The Company intends to use the net proceeds of the ATM Program, if any, primarily on capital expenditures to support the growth and development of the Company’s existing mining operations as well as for working capital and general corporate purposes.
If compared to the average trading volume of 31.03M shares, BITF reached a trading volume of 23563610 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]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BITF shares is $4.87 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. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on May 19, 2023, representing the official price target for Bitfarms Ltd. stock.
The Average True Range (ATR) for Bitfarms Ltd. is set at 0.34, with the Price to Sales ratio for BITF stock in the period of the last 12 months amounting to 5.51. The Price to Book ratio for the last quarter was 3.03, with the Price to Cash per share for the same quarter was set at 0.39.
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 -8.87. With this latest performance, BITF shares gained by 17.11% in over the last four-week period, additionally plugging by 115.32% over the last 6 months – not to mention a rise of 225.61% 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 46.79, with the RSI for the last a single of trading hit 44.20, and the three-weeks RSI is set at 48.78 for Bitfarms Ltd. [BITF]. The present Moving Average for the last 50 days of trading for this stock 2.72, while it was recorded at 2.59 for the last single week of trading, and 1.77 for the last 200 days.
Bitfarms Ltd. [BITF]: A deeper dive into fundamental analysis
Bitfarms Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.87 and a Current Ratio set at 1.88.
An analysis of Institutional ownership at Bitfarms Ltd. [BITF]
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%.
