FY2024 EPS Estimates for Bitfarms Increased by HC Wainwright

Bitfarms Ltd. (NASDAQ:BITF) – Stock analysts at HC Wainwright upped their FY2024 earnings per share (EPS) estimates for Bitfarms in a research note issued on Thursday, November 14th. HC Wainwright analyst M. Colonnese now anticipates that the company will post earnings per share of ($0.22) for the year, up from their prior 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 set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Down 4.0 %

Bitfarms stock opened at $2.16 on Monday. The stock has a 50 day moving average of $2.05 and a two-hundred day moving average of $2.24. Bitfarms has a twelve month low of $1.01 and a twelve month high of $3.91. The stock has a market capitalization of $978.33 million, a price-to-earnings ratio of -6.00 and a beta of 3.64. The company has a current ratio of 3.70, a quick ratio of 5.09 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after buying an additional 2,571,647 shares in the last quarter. Marshall Wace LLP purchased a new position in Bitfarms in the second quarter worth $4,016,000. Van ECK Associates Corp lifted its holdings in Bitfarms by 37.4% in the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after acquiring an additional 1,404,895 shares during the period. Weiss Asset Management LP lifted its holdings in Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after acquiring an additional 1,004,400 shares during the period. Finally, Vident Advisory LLC boosted its position in shares of Bitfarms by 51.4% during the 1st 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. Hedge funds and other 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.