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

Bitfarms Ltd. (NASDAQ:BITF) – Northland Capmk issued their Q1 2024 earnings per share (EPS) estimates for shares of Bitfarms in a report issued on Thursday, April 25th. Northland Capmk analyst M. Grondahl forecasts that the company will post earnings of ($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.

A number of other equities research analysts have also commented on BITF. Northland Securities started coverage on Bitfarms in a research report on Thursday. They issued an “outperform” rating and a $4.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, March 28th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Tuesday, March 26th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms currently has an average rating of “Buy” and an average target price of $4.20.

Bitfarms Trading Down 2.2 %

NASDAQ BITF opened at $1.96 on Monday. The business’s 50-day moving average price is $2.39 and its two-hundred day moving average price is $2.16. Bitfarms has a 12 month low of $0.92 and a 12 month high of $3.91. The firm has a market capitalization of $698.33 million, a PE ratio of -5.30 and a beta of 3.62. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

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 firm had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same quarter in the previous year, the company posted ($0.07) EPS.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quadrature Capital Ltd boosted its holdings in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after acquiring an additional 902,708 shares in the last quarter. Invesco Ltd. boosted its holdings 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 acquiring an additional 3,667,681 shares in the last quarter. Bellecapital International Ltd. bought a new position in Bitfarms in the fourth quarter worth approximately $66,000. Van ECK Associates Corp boosted its holdings in Bitfarms by 18.6% in the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock worth $3,831,000 after acquiring an additional 561,342 shares in the last quarter. Finally, Sloy Dahl & Holst LLC bought a new position in Bitfarms in the fourth quarter worth approximately $44,000. 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.