Bitfarms Ltd. (NASDAQ:BITF) Expected to Earn Q1 2024 Earnings of ($0.02) Per Share

Bitfarms Ltd. (NASDAQ:BITF) – Northland Capmk issued their Q1 2024 earnings per share estimates for shares of Bitfarms in a report issued on Thursday, April 25th. Northland Capmk analyst M. Grondahl anticipates that the company will post earnings per share of ($0.02) 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 released its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period last year, the business posted ($0.07) EPS.

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

Bitfarms Trading Down 5.3 %

BITF opened at $1.79 on Monday. The stock’s fifty day moving average is $2.32 and its two-hundred day moving average is $2.17. The company has a market capitalization of $637.76 million, a P/E ratio of -4.84 and a beta of 3.62. Bitfarms has a 52 week low of $0.92 and a 52 week high of $3.91. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new stake in shares of Bitfarms in the 4th quarter worth $29,000. Pasadena Private Wealth LLC acquired a new stake in shares of Bitfarms in the 4th quarter worth $34,000. Sloy Dahl & Holst LLC acquired a new stake in shares of Bitfarms in the 4th quarter worth $44,000. DMC Group LLC acquired a new stake in shares of Bitfarms in the 4th quarter worth $47,000. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bitfarms in the 1st quarter worth $50,000. Institutional investors and hedge funds 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.