Bitfarms Ltd. to Post Q1 2024 Earnings of ($0.02) Per Share, Northland Capmk Forecasts (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF) – Investment analysts at Northland Capmk issued their Q1 2024 earnings per share (EPS) estimates for Bitfarms in a note issued to investors on Thursday, April 25th. Northland Capmk analyst M. Grondahl forecasts that the company will earn ($0.02) per share 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 quarterly earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. The business had revenue of $46.24 million during the quarter, compared to analyst estimates of $39.68 million. During the same period in the prior year, the firm posted ($0.07) EPS.

Other equities research analysts have also issued research reports about the stock. Northland Securities started coverage on shares of Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Tuesday, March 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4.20.

Bitfarms Stock Down 3.6 %

BITF opened at $1.89 on Monday. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The firm has a market capitalization of $673.39 million, a P/E ratio of -5.11 and a beta of 3.62. The company’s 50-day moving average is $2.36 and its 200 day moving average is $2.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its position in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after buying an additional 3,667,681 shares during the last quarter. Van ECK Associates Corp increased its holdings in Bitfarms by 16.7% in the 4th 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Bitfarms by 27.7% in 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 acquiring an additional 677,799 shares during the last quarter. Quadrature Capital Ltd raised its stake in Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after acquiring an additional 902,708 shares during the period. Finally, Shariaportfolio Inc. purchased a new stake in Bitfarms during the fourth quarter valued at about $2,051,000. 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.