What’s happening with Bitfarms stock after results? – Bitfarms (NASDAQ:BITF)

Bitfarms Ltd. BITF The company’s shares were roughly unchanged on Friday after rising 22% on Thursday following the release of second-quarter financial results.

Details:

Bitfarms reported quarterly losses of 7 cents per share, which beat analyst estimates by 30%. Quarterly revenue of $41.548 million fell 16% sequentially due to a reduction in block rewards after Bitcoin BTC/USD production halving event that occurred on April 19, 2024.

Gross mining profit and gross mining margin were $21 million and 51%, respectively, down from $31 million and 64%, respectively, in the first quarter.

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Bitfarms has achieved an average of 6.7 bitcoin per day in daily production, and its current hashrate of 11.1 EH/s is higher than the 6.5 EH/s during the same period last year. The company said it remains on track to achieve its guidelines of 21 EH/s and 21 w/TH in 2024.

As of June 30, 2024, the company’s total liquidity was $195 million, consisting of $139 million in cash and 905 bitcoins worth $57 million at a price of $62,700. As of July 31, 2024, Bitfarms held 1,016 bitcoins.

According to Benzinga Pro data, Bitfarms stock is trading below its 50-day moving average of $2.56, with 23.5% of the shares being sold short.

Should I sell my BITF shares?

When deciding whether to hold or sell a stock, investors should consider the time horizon, unrealized profits and total return.

Bitfarms stock is up 45.57% over the past year. An investor who bought Bitfarms stock at the beginning of the year would have a loss of $0.54 per share if they sold it today. The stock is down 6.12% over the past month, meaning an investor who bought the stock on July 1 would have a capital loss of $0.23.

Bitfarms shares hit a record high of $8.87, up 285.65% from current levels.

Investors can also consider market momentum. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Bitfarms stock currently has an RSI of 47.3, indicating neutral conditions.

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BITF price action: According to Benzinga Pro, Bitfarms shares are trading at $2.30 at the time of publication on Friday.

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Photo: Roy Buri from Pixabay