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

Bitfarms Ltd. (NASDAQ:BITF) – Investment analysts at Northland Capmk issued their Q1 2024 earnings per share (EPS) estimates for shares of Bitfarms in a report issued 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) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business 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 19.58% and a negative net margin of 70.53%. During the same quarter in the previous year, the business posted ($0.07) EPS.

A number of other brokerages have also recently issued reports on BITF. Northland Securities started coverage on Bitfarms in a research report on Thursday. They set an “outperform” rating and a $4.00 target price for 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. Finally, 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $4.20.

Bitfarms Trading Down 2.2 %

Shares of NASDAQ BITF opened at $1.96 on Monday. The stock has a market cap of $698.33 million, a price-to-earnings ratio of -5.30 and a beta of 3.62. The business has a 50 day simple moving average of $2.39 and a 200 day simple moving average of $2.16. Bitfarms has a 52 week low of $0.92 and a 52 week high of $3.91. 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 Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Bitfarms in the fourth quarter valued at $29,000. Pasadena Private Wealth LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at $34,000. Sloy Dahl & Holst LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at $44,000. DMC Group LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at $47,000. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bitfarms in the first quarter valued at $50,000. 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.