Q4 2024 Earnings Forecast for Bitfarms Ltd. Issued By Northland Capmk (NASDAQ:BITF)

Bitfarms Ltd. (NASDAQ:BITF) – Analysts at Northland Capmk lowered their Q4 2024 EPS estimates for Bitfarms in a note issued to investors on Tuesday, July 2nd. Northland Capmk analyst M. Grondahl now anticipates that the company will post earnings per share of ($0.01) for the quarter, down from their prior estimate of $0.02. The consensus estimate for Bitfarms’ current full-year earnings is ($0.20) per share. Northland Capmk also issued estimates for Bitfarms’ Q1 2025 earnings at $0.02 EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.03 EPS and FY2025 earnings at $0.09 EPS.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $50.32 million during the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald started coverage on Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price target for the company. B. Riley decreased their target price on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a report on Friday, May 17th. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday, June 17th. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and dropped their price objective for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. Finally, Northland Securities began coverage on Bitfarms in a report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $3.88.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $2.51 on Thursday. The firm has a market capitalization of $1.03 billion, a PE ratio of -6.61 and a beta of 3.68. The business’s fifty day moving average price is $2.26 and its two-hundred day moving average price is $2.44. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. Cetera Advisors LLC raised its position in shares of Bitfarms by 40.8% during the first quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock valued at $1,523,000 after buying an additional 198,470 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of Bitfarms during the 1st quarter worth about $1,558,000. Tidal Investments LLC raised its holdings in shares of Bitfarms by 58.4% in the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after purchasing an additional 2,571,647 shares during the period. Bayesian Capital Management LP grew its holdings in Bitfarms by 116.3% in the 1st quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after buying an additional 34,200 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Bitfarms in the first quarter valued at about $1,640,000. 20.59% of the stock is 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.