Analysts Set Expectations for Bitfarms Ltd.’s Q2 2024 Earnings (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITFFree Report) – HC Wainwright issued their Q2 2024 earnings per share (EPS) estimates for Bitfarms in a research note issued to investors on Tuesday, June 4th. HC Wainwright analyst M. Colonnese forecasts that the company will post earnings of ($0.12) per share for the quarter. HC Wainwright has a “Buy” rating and a $4.00 price objective on the stock. The consensus estimate for Bitfarms’ current full-year earnings is ($0.14) per share. HC Wainwright also issued estimates for Bitfarms’ Q3 2024 earnings at ($0.19) EPS, Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.52) EPS, Q1 2025 earnings at ($0.11) EPS, Q2 2025 earnings at ($0.08) EPS, Q3 2025 earnings at ($0.03) EPS, Q4 2025 earnings at ($0.02) EPS and FY2025 earnings at ($0.25) EPS.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its earnings results 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 return on equity of 19.24% and a negative net margin of 64.06%. The company had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same period in the prior year, the firm earned ($0.07) earnings per share.

A number of other equities analysts have also weighed in on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, March 28th. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their target price for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. B. Riley lowered their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Finally, Northland Securities began coverage on Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Bitfarms currently has an average rating of “Moderate Buy” and an average price target of $3.72.

View Our Latest Report on Bitfarms

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $2.51 on Thursday. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. Bitfarms has a twelve month low of $0.92 and a twelve month high of $3.91. The stock’s 50 day moving average is $1.98 and its 200-day moving average is $2.32. The firm has a market capitalization of $983.42 million, a price-to-earnings ratio of -6.61 and a beta of 3.68.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in Bitfarms in the 4th quarter valued at $29,000. Pasadena Private Wealth LLC bought a new position in Bitfarms in the 4th quarter valued at $34,000. VitalStone Financial LLC bought a new position in Bitfarms in the 1st quarter valued at $37,000. Shell Asset Management Co. bought a new position in Bitfarms in the 1st quarter valued at $43,000. Finally, Sloy Dahl & Holst LLC bought a new position in Bitfarms in the 4th quarter valued at $44,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

About Bitfarms

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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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