HC Wainwright Issues Positive Forecast for Bitfarms Earnings

Bitfarms Ltd. (NASDAQ:BITF) – Equities researchers at HC Wainwright lifted their FY2024 earnings per share (EPS) estimates for Bitfarms in a note issued to investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now forecasts that the company will earn ($0.22) per share for the year, up from their prior estimate of ($0.52). HC Wainwright has a “Buy” rating and a $4.00 price target on the stock. The consensus estimate for Bitfarms’ current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Bitfarms’ Q4 2024 earnings at ($0.04) EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at ($0.01) EPS, Q4 2025 earnings at ($0.01) EPS and FY2025 earnings at ($0.09) EPS.

Separately, Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Up 3.2 %

BITF opened at $2.23 on Monday. Bitfarms has a one year low of $1.01 and a one year high of $3.91. The stock has a market capitalization of $1.01 billion, a PE ratio of -6.19 and a beta of 3.64. The business’s 50 day moving average price is $2.05 and its 200 day moving average price is $2.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Swiss National Bank purchased a new stake in Bitfarms in the first quarter valued at approximately $1,426,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the first quarter valued at approximately $43,000. Vident Advisory LLC raised its position in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the period. Quadrature Capital Ltd purchased a new stake in Bitfarms in the first quarter valued at approximately $1,640,000. Finally, Bayesian Capital Management LP raised its position in Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after purchasing an additional 34,200 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

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.