Bitfarms (BITF) Projected to Post Earnings on Wednesday

Bitfarms (NASDAQ:BITF - Get Free Report) will likely be announcing its Q1 earnings results before the market opens on Wednesday, May 14th. Analysts expect the company to announce earnings of ($0.04) per share and revenue of $67.17 million for the quarter.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The company had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. On average, analysts expect Bitfarms to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Bitfarms Trading Down 6.0%

NASDAQ:BITF traded down $0.07 during mid-day trading on Wednesday, hitting $1.09. 20,915,545 shares of the company's stock were exchanged, compared to its average volume of 28,234,320. The company has a 50 day simple moving average of $0.96 and a 200-day simple moving average of $1.46. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $3.28. The firm has a market capitalization of $587.78 million, a P/E ratio of -3.03 and a beta of 3.69.

Analyst Ratings Changes

Several research firms have recently weighed in on BITF. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research note on Thursday, March 27th. HC Wainwright decreased their price target on Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a research report on Thursday, March 27th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $3.84.

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.