FY2024 EPS Estimates for Bitfarms Lifted by HC Wainwright

Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Investment analysts at HC Wainwright raised their FY2024 EPS estimates for shares of Bitfarms in a research report issued to clients and investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now forecasts that the company will earn ($0.22) per share for the year, up from their prior forecast of ($0.52). HC Wainwright currently has a "Buy" rating and a $4.00 target price on the stock. The consensus estimate for Bitfarms' current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Bitfarms' Q4 2024 earnings at ($0.04) EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at ($0.01) EPS, Q4 2025 earnings at ($0.01) EPS and FY2025 earnings at ($0.09) EPS.

Separately, Cantor Fitzgerald reissued an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $3.66.

Bitfarms Price Performance

NASDAQ BITF traded down $0.09 during trading hours on Monday, reaching $2.16. The company's stock had a trading volume of 50,302,668 shares, compared to its average volume of 23,439,566. The stock has a market cap of $978.33 million, a PE ratio of -6.00 and a beta of 3.64. Bitfarms has a fifty-two week low of $1.01 and a fifty-two week high of $3.91. The company's 50-day moving average is $2.05 and its two-hundred day moving average is $2.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.09 and a current ratio of 3.70.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BITF. Chesapeake Capital Corp IL raised its holdings in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after buying an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC raised its holdings in Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock valued at $337,000 after buying an additional 5,000 shares during the period. HighTower Advisors LLC purchased a new position in Bitfarms in the third quarter valued at approximately $25,000. WINTON GROUP Ltd purchased a new position in Bitfarms in the second quarter valued at approximately $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company's stock valued at $176,000 after buying an additional 15,167 shares during the period. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.