Bitfarms Ltd. (BITF): A Great Stock For Handling Current Market Conditions?

Currently, there are 301.86M common shares owned by the public and among those 282.27M shares have been available to trade.

Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 433,502 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 360,920 shares.

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However, the script later moved the day high at 2.7700, up 7.94%. The company’s stock has a 5-day price change of 21.43% and 142.86% over the past three months. BITF shares are trading -6.53% year to date (YTD), with the 12-month market performance up to 151.85% higher. It has a 12-month low price of $0.68 and touched a high of $3.56 over the same period. BITF has an average intraday trading volume of 1.42 shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 20.70%, 11.07%, and 73.10% respectively.

Institutional ownership of Bitfarms Ltd. (NASDAQ: BITF) shares accounts for 24.59% of the company’s 301.86M shares outstanding.

It has a market capitalization of $821.06M and a beta (3y monthly) value of 3.31. The earnings-per-share (ttm) stands at -$0.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.02% over the week and 10.22% over the month.

Analysts forecast that Bitfarms Ltd. (BITF) will achieve an EPS of -$0.03 for the current quarter, -$0.01 for the next quarter and -$0.01 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.04 while analysts give the company a high EPS estimate of -$0.02. Earnings per share for the fiscal year are expected to increase by 81.96%, and 92.77% over the next financial year.

Looking at the support for the BITF, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on December 14, 2023, with the firm’s price target at $4.

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