HC Wainwright Issues Positive Outlook for Bitfarms Earnings

Bitfarms Ltd. (NASDAQ:BITF) – Analysts at HC Wainwright boosted their FY2024 earnings per share (EPS) estimates for shares of Bitfarms in a research note issued to investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now forecasts that the company will post earnings per share of ($0.22) for the year, up from their previous forecast of ($0.52). HC Wainwright currently has a “Buy” rating and a $4.00 price target on the stock. The consensus estimate for Bitfarms’ current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Bitfarms’ Q4 2024 earnings at ($0.04) EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at ($0.01) EPS, Q4 2025 earnings at ($0.01) EPS and FY2025 earnings at ($0.09) EPS.

Separately, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Up 6.6 %

Shares of NASDAQ:BITF opened at $2.25 on Monday. The company’s fifty day moving average is $2.04 and its 200-day moving average is $2.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.09 and a current ratio of 3.70. Bitfarms has a 52 week low of $1.01 and a 52 week high of $3.91. The company has a market capitalization of $1.02 billion, a PE ratio of -6.25 and a beta of 3.64.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Swiss National Bank bought a new stake in shares of Bitfarms during the first quarter worth $1,426,000. Shell Asset Management Co. acquired a new position in Bitfarms during the 1st quarter valued at about $43,000. Vident Advisory LLC boosted its stake 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 valued at $5,812,000 after purchasing an additional 885,217 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Bitfarms during the 1st quarter worth approximately $1,640,000. Finally, Bayesian Capital Management LP raised its stake in shares of Bitfarms by 116.3% during the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock worth $142,000 after buying an additional 34,200 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

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.