Q4 2024 EPS Estimates for Bitfarms Ltd. (NASDAQ:BITF) Reduced by Analyst

Bitfarms Ltd. (NASDAQ:BITF) – Stock analysts at Northland Capmk lowered their Q4 2024 earnings per share (EPS) estimates for Bitfarms in a research note issued to investors on Tuesday, July 2nd. Northland Capmk analyst M. Grondahl now anticipates that the company will post earnings of ($0.01) per share for the quarter, down from their prior estimate of $0.02. The consensus estimate for Bitfarms’ current full-year earnings is ($0.20) per share. Northland Capmk also issued estimates for Bitfarms’ Q1 2025 earnings at $0.02 EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.03 EPS and FY2025 earnings at $0.09 EPS.

BITF has been the topic of a number of other reports. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Monday, June 17th. Cantor Fitzgerald initiated coverage on Bitfarms in a research report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective on the stock. Northland Securities initiated coverage on Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective on the stock. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price objective for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, B. Riley cut their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Bitfarms Trading Down 0.6 %

Shares of BITF stock opened at $2.51 on Thursday. Bitfarms has a 1 year low of $0.92 and a 1 year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The stock’s 50 day simple moving average is $2.25 and its two-hundred day simple moving average is $2.44. The company has a market cap of $1.03 billion, a PE ratio of -6.61 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The company had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Invesco Ltd. grew its stake 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 purchasing an additional 3,667,681 shares in the last quarter. Tidal Investments LLC grew its stake in Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares in the last quarter. Van ECK Associates Corp grew its stake in Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after purchasing an additional 599,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares in the last quarter. 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.