Northland Capmk Comments on Bitfarms Ltd.’s Q2 2024 Earnings (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITFFree Report) – Research analysts at Northland Capmk cut their Q2 2024 earnings per share estimates for shares of Bitfarms in a research note issued on Thursday, May 16th. Northland Capmk analyst M. Grondahl now expects that the company will post earnings per share of ($0.14) for the quarter, down from their prior estimate of ($0.06). The consensus estimate for Bitfarms’ current full-year earnings is ($0.11) per share. Northland Capmk also issued estimates for Bitfarms’ Q3 2024 earnings at ($0.02) EPS and FY2024 earnings at ($0.14) EPS.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 20.60%. The business had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. During the same period in the previous year, the company earned ($0.07) earnings per share.

A number of other research firms have also commented on BITF. HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th. Northland Securities assumed coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, March 28th. Finally, B. Riley lowered their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms presently has a consensus rating of “Buy” and an average price target of $4.00.

Read Our Latest Stock Report on Bitfarms

Bitfarms Stock Down 0.6 %

Bitfarms stock opened at $1.75 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The firm has a fifty day moving average price of $2.02 and a two-hundred day moving average price of $2.24. The firm has a market cap of $685.65 million, a price-to-earnings ratio of -4.61 and a beta of 3.65.

Institutional Trading of Bitfarms

A number of large investors have recently bought and sold shares of BITF. Invesco Ltd. grew its holdings in shares of Bitfarms by 58.2% in the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Bitfarms by 58.4% during the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after buying an additional 2,571,647 shares in the last quarter. Quadrature Capital Ltd raised its stake in shares of Bitfarms by 745.2% in the third 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 last quarter. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 51.4% in the 1st 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. Finally, Shariaportfolio Inc. bought a new stake in Bitfarms during the 4th quarter worth approximately $2,051,000. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

(Get Free Report)

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.

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Earnings History and Estimates for Bitfarms (NASDAQ:BITF)

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