Bitfarms Reports Earnings Results, Surpassing Estimates

Bitfarms (NASDAQ:BITF) revealed its quarterly earnings on Thursday, showcasing a notable performance. The company reported earnings per share (EPS) of $0.03 for the quarter, surpassing analysts' expectations, which stood at ($0.04). This marks a positive difference of $0.07 from the estimates, as reported by Zacks.

The company generated $54.40 million in revenue during the quarter, slightly exceeding the analysts' predictions of $54.22 million. However, Bitfarms faced financial challenges, reflected in a negative net margin of 69.08% and a negative return on equity of 22.17%.

Bitfarms Stock Performance

During Thursday's trading session, shares of NASDAQ BITF were down by $0.03, settling at $0.95. A total of 14,527,195 shares were traded, which is lower than the average volume of 28,910,024 shares. Over the past year, Bitfarms' stock has shown fluctuations, with a 52-week low of $0.93 and a high of $3.28. Currently, its moving averages stand at $1.30 for the past 50 days and $1.73 for the last 200 days. The company's debt-to-equity ratio is notably low at 0.04, indicating a solid balance sheet, while the current and quick ratios are 3.70 and 3.68, respectively. Bitfarms holds a market capitalization of $456.85 million and has a price-to-earnings ratio of -2.65, coinciding with a high beta of 3.68, suggesting significant volatility in its stock price.

Analyst Ratings Changes

Bitfarms has recently been the subject of various research reports. HC Wainwright adjusted their price target for Bitfarms from $4.00 to $3.50 while maintaining a "buy" rating. Keefe, Bruyette & Woods began coverage on the company, giving it an "outperform" rating, whereas Alliance Global Partners also started coverage with a "buy" rating alongside a target price of $6.00. Currently, one analyst has given Bitfarms a hold rating, while six analysts have issued buy ratings. According to MarketBeat, the consensus rating for the stock is "Moderate Buy," with a consensus price target of $3.97.

About Bitfarms

Bitfarms Ltd. engages in cryptocurrency mining operations across Canada, the United States, Paraguay, and Argentina. The company manages server farms primarily focused on validating transactions on the Bitcoin Blockchain, earning cryptocurrency through block rewards and transaction fees. Additionally, Bitfarms provides electrician services to both commercial and residential customers in Quebec, Canada.

Bitfarms, Earnings, Crypto