Bitfarms Ltd. (BITF) Suffers From Weak Fundamental Momentum

Bitfarms Ltd. (NASDAQ:BITF) has a beta value of 3.33 and has seen 26.31 million shares traded in the last trading session. The company, currently valued at $682.20M, closed the last trade at $2.26 per share which meant it gained $0.05 on the day or 2.26% during that session. The BITF stock price is -73.01% off its 52-week high price of $3.91 and 65.49% above the 52-week low of $0.78. If we look at the company’s 10-day average daily trading volume, we find that it stood at 25.79 million shares traded. The 3-month trading volume is 29.00 million shares.

Bitfarms Ltd. (NASDAQ:BITF) trade information

Sporting 2.26% in the green in last session, the stock has traded in the red over the last five days, when the BITF stock price touched $2.26 or saw a rise of 15.36%. Year-to-date, Bitfarms Ltd. shares have moved -22.34%, while the 5-day performance has seen it change -15.36%. Over the past 30 days, the shares of Bitfarms Ltd. (NASDAQ:BITF) have changed -35.24%. Short interest in the company has seen 23.92 million shares shorted with days to cover at 0.8.

Bitfarms Ltd. (BITF) estimates and forecasts

Figures show that Bitfarms Ltd. shares have underperformed across the wider relevant industry. The company’s shares have gained 94.83% over the past 6 months, with this year growth rate of 19.05%, compared to 19.60% for the industry. Revenue growth from the last financial year stood is estimated to be 48.70%.

2 analysts offering their estimates for the company have set an average revenue estimate of $45.45 million for the current quarter. 2 have an estimated revenue figure of $43.95 million for the next quarter concluding in Jun 2024.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -19.31% over the past 5 years.

BITF Dividends

Bitfarms Ltd. is expected to release its next earnings report between March 19 and March 25 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

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

Insiders own 4.65% of the company shares, while shares held by institutions stand at 21.06% with a share float percentage of 22.09%. Investors are also buoyed by the number of investors in a company, with Bitfarms Ltd. having a total of 152 institutions that hold shares in the company. The top two institutional holders are Invesco Ltd. with over 6.3 million shares worth more than $9.26 million. As of Jun 29, 2023, Invesco Ltd. held 2.87% of shares outstanding.

The other major institutional holder is State Street Corporation, with the holding of over 4.23 million shares as of Jun 29, 2023. The firm’s total holdings are worth over $6.22 million and represent 1.93% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF. As of Jul 30, 2023, the former fund manager holds about 5.66% shares in the company for having 12.42 million shares of worth $23.22 million while later fund manager owns 4.26 million shares of worth $5.79 million as of Aug 30, 2023, which makes it owner of about 1.94% of company’s outstanding stock.