What is B. Riley's Estimate for Bitfarms FY2024 Earnings?

Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Equities researchers at B. Riley dropped their FY2024 EPS estimates for shares of Bitfarms in a research note issued on Wednesday, February 12th. B. Riley analyst N. Giles now forecasts that the company will post earnings per share of ($0.22) for the year, down from their prior estimate of ($0.21). The consensus estimate for Bitfarms' current full-year earnings is ($0.21) per share. B. Riley also issued estimates for Bitfarms' Q4 2024 earnings at ($0.05) EPS, FY2025 earnings at ($0.08) EPS and FY2026 earnings at ($0.06) EPS.

BITF has been the topic of a number of other reports. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. HC Wainwright reiterated a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 target price on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $4.05.

Bitfarms Stock Performance

NASDAQ:BITF traded down $0.02 during midday trading on Friday, reaching $1.41. The stock had a trading volume of 30,380,635 shares, compared to its average volume of 42,312,188. Bitfarms has a 1-year low of $1.28 and a 1-year high of $3.91. The firm's fifty day simple moving average is $1.60 and its 200-day simple moving average is $1.92. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The stock has a market capitalization of $636.37 million, a P/E ratio of -3.90 and a beta of 3.64.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Chesapeake Capital Corp IL grew its position in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in shares of Bitfarms by 3.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after acquiring an additional 5,000 shares during the period. Lifeworks Advisors LLC lifted its holdings in shares of Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after acquiring an additional 7,339 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares during the period. Finally, HighTower Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter worth about $25,000. 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.