Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Analysts at B. Riley cut their FY2024 earnings estimates for shares of Bitfarms in a note issued to investors on Wednesday, February 12th. B. Riley analyst N. Giles now forecasts that the company will post earnings of ($0.22) per share for the year, down from their previous forecast 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.
Other analysts have also recently issued research reports about the stock. HC Wainwright reiterated a "buy" rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners assumed coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a "buy" rating and a $6.00 target price for the company. Stifel Canada upgraded shares of Bitfarms from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $4.05.
Check Out Our Latest Analysis on Bitfarms
Shares of Bitfarms stock opened at $1.40 on Friday. The firm has a fifty day moving average of $1.65 and a two-hundred day moving average of $1.95. The stock has a market capitalization of $634.11 million, a price-to-earnings ratio of -3.89 and a beta of 3.64. Bitfarms has a 52 week low of $1.28 and a 52 week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.
A number of large investors have recently added to or reduced their stakes in BITF. Gladstone Institutional Advisory LLC increased its holdings in 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 purchasing an additional 5,000 shares in the last quarter. Van ECK Associates Corp increased its holdings in Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock worth $11,969,000 after purchasing an additional 911,952 shares in the last quarter. Lifeworks Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter valued at about $37,000. Chesapeake Capital Corp IL grew its holdings in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock valued at $50,000 after acquiring an additional 4,800 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bitfarms by 9.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company's stock valued at $2,388,000 after acquiring an additional 99,919 shares in the last quarter. Institutional investors own 20.59% of the company's stock.
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.
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