Equities Analysts Set Expectations for Bitfarms Ltd.'s Q4 2024 Earnings (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Northland Capmk dropped their Q4 2024 earnings estimates for shares of Bitfarms in a report released on Thursday, May 16th. Northland Capmk analyst M. Grondahl now expects that the company will post earnings of $0.02 per share for the quarter, down from their previous estimate of $0.03. The consensus estimate for Bitfarms' current full-year earnings is ($0.09) per share. Northland Capmk also issued estimates for Bitfarms' Q1 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at $0.15 EPS.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to analysts' expectations of $39.68 million. Bitfarms had a negative return on equity of 20.60% and a negative net margin of 64.06%. During the same quarter in the previous year, the company posted ($0.07) earnings per share.

BITF has been the subject of several other reports. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a report on Tuesday, March 26th. B. Riley cut their target price on shares of Bitfarms from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Friday. Cantor Fitzgerald reiterated an "overweight" rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Finally, Northland Securities assumed coverage on Bitfarms in a report on Thursday, April 25th. They set an "outperform" rating and a $4.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $4.00.

Bitfarms Stock Performance

BITF stock traded down $0.01 during trading hours on Friday, hitting $1.75. 14,645,006 shares of the stock were exchanged, compared to its average volume of 23,064,783. Bitfarms has a 12 month low of $0.92 and a 12 month high of $3.91. The firm has a market capitalization of $623.51 million, a P/E ratio of -4.61 and a beta of 3.65. The company has a 50-day simple moving average of $2.04 and a two-hundred day simple moving average of $2.21. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in Bitfarms during the 4th quarter worth approximately $29,000. Pasadena Private Wealth LLC bought a new position in Bitfarms during the fourth quarter worth $34,000. VitalStone Financial LLC acquired a new position in Bitfarms in the first quarter valued at $37,000. Shell Asset Management Co. bought a new stake in Bitfarms during the first quarter valued at $43,000. Finally, Sloy Dahl & Holst LLC acquired a new stake in Bitfarms during the 4th quarter worth about $44,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.