HC Wainwright Predicts Increased Earnings for Bitfarms

Bitfarms Ltd. (NASDAQ:BITF) – Equities researchers at HC Wainwright lifted their FY2024 earnings per share estimates for shares of Bitfarms in a note issued to investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now anticipates 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 price target 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 restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Performance

Shares of BITF stock opened at $2.16 on Monday. The stock has a fifty day moving average price of $2.05 and a 200 day moving average price of $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. 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 1 year low of $1.01 and a 1 year high of $3.91.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BITF. Tidal Investments LLC grew its holdings in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after buying an additional 2,571,647 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after acquiring an additional 911,952 shares in the last quarter. State Street Corp boosted its stake in shares of Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after acquiring an additional 63,916 shares during the last quarter. Vident Advisory LLC increased its position in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the last quarter. 20.59% of the stock is currently 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.