Gains May Be On The Menu For Bitfarms Ltd. (NASDAQ: BITF)

With over 7.34 million Bitfarms Ltd. (BITF) shares trading Monday and a closing price of $1.15 on the day, the dollar volume was approximately $8.44 million. The shares have shown a positive half year performance of 30.70% and its price on 09/18/23 lost nearly -1.71%. Currently, there are 273.81M common shares owned by the public and among those 258.10M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for BITF have a consensus price objective of $3.56. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $3.00. But an upside of 77.0% will see the stock hit the forecast high price target while median target price for the stock is $3.13.

Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 415,168 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 2,351,877 shares.

The top 3 mutual fund holders in Bitfarms Ltd. are Amplify Transformational Data Sha, Invesco Mkts. II Plc – CoinShares, and SPDR S&P Kensho New Economies Com. Amplify Transformational Data Sha owns 12.01 million shares of the company’s stock, all valued at over $16.33 million. Invesco Mkts. II Plc – CoinShares sold -0.11 million shares to see its total holdings shrink to 8.05 million shares valued at over $10.95 million and representing 3.33% of the shares outstanding. SPDR S&P Kensho New Economies Com now owns shares totaling to 1.76% of the shares outstanding.

Shares of Bitfarms Ltd. (NASDAQ: BITF) opened at $1.21, up $0.04 from a prior closing price of $1.17. However, the script later moved the day high at 1.2550, down -1.71%. The company’s stock has a 5-day price change of 4.55% and -1.71% over the past three months. BITF shares are trading 161.36% year to date (YTD), with the 12-month market performance down to -9.45% lower. It has a 12-month low price of $0.38 and touched a high of $2.16 over the same period. BITF has an average intraday trading volume of 10.57 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.02%, -24.65%, and 3.49% respectively.

Institutional ownership of Bitfarms Ltd. (NASDAQ: BITF) shares accounts for 14.56% of the company’s 273.81M shares outstanding. Mutual fund holders own –, while other institutional holders and individual stakeholders account for — and — respectively.

It has a market capitalization of $425.20M and a beta (3y monthly) value of 3.10. The earnings-per-share (ttm) stands at -$0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.47% over the week and 8.75% over the month.

Analysts forecast that Bitfarms Ltd. (BITF) will achieve an EPS of -$0.03 for the current quarter, -$0.03 for the next quarter and -$0.34 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of -$0.03. Earnings per share for the fiscal year are expected to decrease by -980.70%, and -100.00% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Bitfarms Ltd. (BITF) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the BITF, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on May 19, 2023, with the firm’s price target at $2.