B. Riley Adjusts Bitfarms' Earnings Predictions for FY2024

On February 12, 2025, investment analysts from B. Riley announced a reduction in their earnings per share (EPS) estimates for Bitfarms Ltd. (NASDAQ:BITF). N. Giles, the analyst responsible for this forecast, now predicts that Bitfarms will report earnings of ($0.22) per share for the fiscal year 2024, a slight decrease from the previous estimate of ($0.21) per share. The current consensus among analysts for Bitfarms’ full year earnings stands at ($0.21) per share.

In addition to the FY2024 forecasts, B. Riley provided estimates for the company’s performance in subsequent quarters and years. According to their report, Bitfarms is expected to achieve earnings of ($0.05) for the fourth quarter of 2024, ($0.08) for FY2025, and ($0.06) for FY2026.

Analyst Ratings and Market Response

Various research analysts have shared insights on Bitfarms recently. Alliance Global Partners initiated coverage on December 4, 2024, assigning the stock a “buy” rating with a target price of $6.00. Keefe, Bruyette & Woods also began coverage in January 2025 with an “outperform” rating. Stifel Canada upgraded its rating from “hold” to “moderate buy” in late November 2024. Meanwhile, HC Wainwright reaffirmed a “buy” rating for Bitfarms and set a target price of $4.00 on November 14, 2024. Overall, one analyst has rated the stock as hold, while six analysts have rated it as buy. According to data from MarketBeat.com, Bitfarms has an average rating of “Moderate Buy” along with a consensus price target of $4.05.

Bitfarms Market Activity

As of Friday, Bitfarms shares traded at $1.42, reflecting a 1.4% increase. The company exhibits a quick ratio of 3.68, a current ratio of 3.70, and a low debt-to-equity ratio of 0.04. The market capitalization for Bitfarms stands at approximately $643.16 million, with a PE ratio of -3.94. The stock has witnessed a range between a twelve-month low of $1.28 and a high of $3.91.

Changes in Institutional Holdings

Recent trading activity has shown significant changes in institutional investors' positions in Bitfarms. For instance, MMCAP International Inc. SPC increased its holdings by 617.9% in the fourth quarter, acquiring over 11 million shares and raising its total to 13,352,745 shares valued at about $19.9 million. Similarly, Van ECK Associates Corp boosted its position by 106.6% during the same period. Other institutional investors, including Paloma Partners Management Co. and Charles Schwab Investment Management Inc., also reported increases in their stakes in Bitfarms. Currently, institutional investors hold about 20.59% of the company's stock.

About Bitfarms

Bitfarms Ltd. is engaged in cryptocurrency mining operations across multiple countries, including Canada, the United States, Paraguay, and Argentina. The company operates server farms that facilitate transactions on the Bitcoin Blockchain, earning income through block rewards and transaction fees. In addition to its mining activities, Bitfarms also offers electrician services to commercial and residential customers in Quebec, Canada.

Conclusion

With B. Riley's updated earnings predictions and several analysts providing varying ratings, the outlook for Bitfarms remains mixed but holds potential as the cryptocurrency market evolves. Investors are advised to keep an eye on future developments and market responses related to Bitfarms.

Bitfarms, Earnings, Analysts