Bitfarms Ltd. (NASDAQ:BITF) to Post Q1 2024 Earnings of ($0.02) Per Share, Northland Capmk Forecasts

Bitfarms Ltd. (NASDAQ:BITF) – Northland Capmk issued their Q1 2024 EPS estimates for shares of Bitfarms in a note issued to investors on Thursday, April 25th. Northland Capmk analyst M. Grondahl expects that the company will earn ($0.02) per share for the quarter. The consensus estimate for Bitfarms’ current full-year earnings is ($0.09) per share. Northland Capmk also issued estimates for Bitfarms’ Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.03 EPS, FY2024 earnings at ($0.04) EPS, Q1 2025 earnings at $0.05 EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.05 EPS, Q4 2025 earnings at $0.05 EPS and FY2025 earnings at $0.19 EPS.

Bitfarms (NASDAQ:BITF) last announced its quarterly 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 19.58% and a negative net margin of 70.53%. The firm had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. During the same quarter in the previous year, the business earned ($0.07) earnings per share.

Other equities analysts have also recently issued reports about the stock. Northland Securities assumed coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitfarms currently has an average rating of “Buy” and a consensus price target of $4.20.

Bitfarms Stock Down 3.6 %

BITF stock opened at $1.89 on Monday. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91. The business’s 50 day simple moving average is $2.36 and its 200 day simple moving average is $2.17. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $673.39 million, a PE ratio of -5.11 and a beta of 3.62.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in shares of Bitfarms in the fourth quarter valued at approximately $29,000. Pasadena Private Wealth LLC bought a new stake in shares of Bitfarms during the 4th quarter valued at $34,000. Sloy Dahl & Holst LLC acquired a new stake in shares of Bitfarms during the 4th quarter worth $44,000. DMC Group LLC bought a new position in shares of Bitfarms in the fourth quarter worth $47,000. Finally, CCG Wealth Management LLC acquired a new position in Bitfarms in the first quarter valued at about $50,000. 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.