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Is Bitfarms Ltd. (NASDAQ: BITF) Stock Worth Investing In for High Returns?

In the latest trading session, 1.89 million Bitfarms Ltd. (NASDAQ:BITF) shares changed hands as the company’s beta touched 3.10. With the company’s most recent per share price at $1.20 changing hands around $0.03 or 2.56% at last look, the market valuation stands at $443.69M. BITF’s current price is a discount, trading about -80.0% off its 52-week high of $2.16. The share price had its 52-week low at $0.38, which suggests the last value was 68.33% up since then. When we look at Bitfarms Ltd.’s average trading volume, we note the 10-day average is 6.52 million shares, with the 3-month average coming to 10.57 million.

Analysts gave the Bitfarms Ltd. (BITF) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 4 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended BITF as a Hold, 4 felt it is a Buy and 0 rated the stock as Underweight. Bitfarms Ltd.’s EPS for the current quarter is expected to be -$0.03.

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Bitfarms Ltd. (NASDAQ:BITF) trade information

Instantly BITF is in green as seen in intraday trades today. With action 9.09%, the performance over the past five days has been green. The jump to weekly highs of 1.2900 on Friday, 09/15/23 added 2.56% to the stock’s daily price. The company’s shares are showing year-to-date upside of 172.73%, with the 5-day performance at 9.09% in the green. However, in the 30-day time frame, Bitfarms Ltd. (NASDAQ:BITF) is -9.77% down. Looking at the short shares, we see there were 6.2 million shares sold at short interest cover period of 0.73 days.

The consensus price target for the stock as assigned by Wall Street analysts is $3.56, meaning bulls need an upside of 66.29% from its recent market value. According to analyst projections, BITF’s forecast low is $3.00 with $5.00 as the target high. To hit the forecast high, the stock’s price needs a -316.67% plunge from its current level, while the stock would need to soar -150.0% for it to hit the projected low.

Bitfarms Ltd. (BITF) estimates and forecasts

Data shows that the Bitfarms Ltd. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 36.38% over the past 6 months, a 85.22% in annual growth rate that is considerably higher than the industry average of 17.90%.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $35.67 million. 2 analysts are of the opinion that Bitfarms Ltd.’s revenue for the quarter ending Dec 2023 will be $41.69 million.

The 2023 estimates are for Bitfarms Ltd. earnings to decrease by -980.70%.

BITF Dividends

Bitfarms Ltd. is expected to release its next quarterly earnings report between November 13 and November 17.

Bitfarms Ltd. (NASDAQ:BITF)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 7.10% of Bitfarms Ltd. shares while 14.56% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 15.67%. There are 14.56% institutions holding the Bitfarms Ltd. stock share, with Invesco Ltd. the top institutional holder. As of Jun 29, 2023, the company held 2.87% of the shares, roughly 6.3 million BITF shares worth $7.47 million.

State Street Corporation holds the second largest percentage of outstanding shares, with 1.93% or 4.23 million shares worth $5.01 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Apr 29, 2023 were Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF. With 12.66 million shares estimated at $15.01 million under it, the former controlled 5.77% of total outstanding shares. On the other hand, SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF held about 1.93% of the shares, roughly 4.23 million shares worth around $5.02 million.

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