Bitfarms Ltd. Forecasted to Post Q1 2024 Earnings of ($0.02) Per Share (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF) – Equities research analysts at Northland Capmk issued their Q1 2024 EPS estimates for shares of Bitfarms in a report issued on Thursday, April 25th. Northland Capmk analyst M. Grondahl expects that the company will post earnings per share of ($0.02) for the quarter. The consensus estimate for Bitfarms’ current full-year earnings is ($0.09) per share. Northland Capmk also issued estimates for Bitfarms’ Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.03 EPS, FY2024 earnings at ($0.04) EPS, Q1 2025 earnings at $0.05 EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.05 EPS, Q4 2025 earnings at $0.05 EPS and FY2025 earnings at $0.19 EPS.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period in the previous year, the company earned ($0.07) EPS.

Several other analysts have also recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, March 28th. Northland Securities began coverage on shares of Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $4.20.

Bitfarms Stock Down 5.3 %

BITF stock opened at $1.79 on Monday. The stock has a market capitalization of $637.76 million, a P/E ratio of -4.84 and a beta of 3.62. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. Bitfarms has a one year low of $0.92 and a one year high of $3.91. The company has a 50 day moving average price of $2.32 and a two-hundred day moving average price of $2.17.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after acquiring an additional 3,667,681 shares in the last quarter. Van ECK Associates Corp increased its stake in Bitfarms by 16.7% during the 4th quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after buying an additional 599,506 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Bitfarms by 27.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after buying an additional 677,799 shares during the period. Quadrature Capital Ltd increased its stake in Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after buying an additional 902,708 shares during the period. Finally, Shariaportfolio Inc. purchased a new stake in Bitfarms during the 4th quarter worth $2,051,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.