Q4 2024 EPS Estimates for Bitfarms Ltd. (NASDAQ:BITF) Reduced by Analyst

Bitfarms Ltd. (NASDAQ:BITF) – Investment analysts at Northland Capmk cut their Q4 2024 earnings estimates for shares of Bitfarms in a report issued on Tuesday, July 2nd. Northland Capmk analyst M. Grondahl now expects that the company will post earnings per share of ($0.01) for the quarter, down from their prior forecast of $0.02. The consensus estimate for Bitfarms’ current full-year earnings is ($0.20) per share. Northland Capmk also issued estimates for Bitfarms’ Q1 2025 earnings at $0.02 EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.03 EPS and FY2025 earnings at $0.09 EPS.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%.

Several other analysts have also commented on the stock. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price target for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Monday, June 17th. Northland Securities began coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target on the stock. B. Riley reduced their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Finally, Cantor Fitzgerald started coverage on Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Stock Down 0.6 %

BITF stock opened at $2.51 on Thursday. The firm has a market cap of $1.03 billion, a PE ratio of -6.61 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02. The firm’s 50 day moving average price is $2.25 and its 200-day moving average price is $2.44. Bitfarms has a one year low of $0.92 and a one year high of $3.91.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after purchasing an additional 3,667,681 shares during the period. Tidal Investments LLC grew its stake in shares of Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after acquiring an additional 2,571,647 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after acquiring an additional 599,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after acquiring an additional 677,799 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in shares of Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after acquiring an additional 885,217 shares in the last quarter. Hedge funds and other institutional investors 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.