Analysts Set Expectations for Bitfarms Ltd.'s Q1 2024 Earnings (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Northland Capmk issued their Q1 2024 earnings per share (EPS) estimates for shares of Bitfarms in a research note issued on Thursday, April 25th. Northland Capmk analyst M. Grondahl anticipates that the company will post earnings of ($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 - Get Free Report) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period in the prior year, the business posted ($0.07) earnings per share.

Several other research analysts have also weighed in on BITF. Cantor Fitzgerald reissued an "overweight" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th. Northland Securities assumed coverage on shares of Bitfarms in a research report on Thursday. They set an "outperform" rating and a $4.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $4.20.

Bitfarms Trading Down 3.6 %

NASDAQ:BITF traded down $0.07 during mid-day trading on Monday, hitting $1.89. The company had a trading volume of 10,705,102 shares, compared to its average volume of 24,615,055. The firm has a market cap of $673.39 million, a P/E ratio of -5.11 and a beta of 3.62. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The business's fifty day moving average is $2.36 and its two-hundred day moving average is $2.17. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Capital Performance Advisors LLP bought a new position in shares of Bitfarms in the 4th quarter valued at about $29,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $34,000. Sloy Dahl & Holst LLC bought a new stake in shares of Bitfarms during the 4th quarter worth approximately $44,000. DMC Group LLC bought a new position in shares of Bitfarms in the fourth quarter valued at $47,000. Finally, Evanson Asset Management LLC bought a new position in shares of Bitfarms in the fourth quarter valued at $52,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.