B. Riley Has Negative Outlook of Bitfarms FY2024 Earnings

Bitfarms Ltd. (NASDAQ:BITF) – Stock analysts at B. Riley decreased their FY2024 EPS estimates for shares of Bitfarms in a research report issued to clients and investors on Wednesday, February 12th. B. Riley analyst N. Giles now expects that the company will post earnings per share of ($0.22) for the year, down from their previous forecast of ($0.21). The consensus estimate for Bitfarms’ current full-year earnings is ($0.21) per share. B. Riley also issued estimates for Bitfarms’ Q4 2024 earnings at ($0.05) EPS, FY2025 earnings at ($0.08) EPS and FY2026 earnings at ($0.06) EPS.

Several other equities research analysts have also issued reports on the stock. Alliance Global Partners initiated coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Keefe, Bruyette & Woods began coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Performance

Shares of BITF opened at $1.42 on Friday. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average price of $1.63 and a 200-day moving average price of $1.94. The company has a market cap of $643.16 million, a PE ratio of -3.94 and a beta of 3.64. Bitfarms has a 12-month low of $1.28 and a 12-month high of $3.91.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BITF. MMCAP International Inc. SPC lifted its stake in shares of Bitfarms by 617.9% in the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock valued at $19,896,000 after acquiring an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp lifted its position in Bitfarms by 106.6% in the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after purchasing an additional 6,477,985 shares during the last quarter. Paloma Partners Management Co boosted its stake in shares of Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company’s stock valued at $2,685,000 after purchasing an additional 1,551,900 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Bitfarms by 121.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock worth $3,728,000 after purchasing an additional 1,370,102 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Bitfarms by 9.3% in the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock worth $19,900,000 after buying an additional 1,140,037 shares during the period. 20.59% of the stock is owned by institutional investors.

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.