
Bitfarms Ltd (BITF) Stock Forecast & Price Target
Bitfarms Ltd (BITF) Analyst Ratings
Bulls say
Bitfarms Ltd reported a notable increase in self-mining revenues, reaching $43.4 million, a 7% quarter-over-quarter growth attributed to a 36% increase in average operating hash rate, which climbed to 10.3 EH/s. The overall revenues for the third quarter of 2024 grew by 8% to $44.9 million, reflecting strong performance in both mining and non-mining revenues, which led to an upward revision of the 2024 revenue estimate to $190.7 million. Furthermore, Bitfarms is enhancing its operational efficiency by upgrading its fleet, resulting in improved hash rate capacity and lower electricity costs, which are expected to bolster future profitability through increased EBITDA estimates.
Bears say
Bitfarms reported a significant decline in adjusted EBITDA, dropping to $6.4 million in Q3 2024 from $11.6 million in the prior quarter, alongside a widening net loss that increased from $26.6 million to $35.9 million. The company has also postponed its year-end hash rate guidance for 2024 and withdrawn its 2025 outlook, signaling potential operational challenges that contributed to a 15% sell-off in its stock. Additionally, reduced revenue and adjusted EBITDA estimates for 2025 indicate ongoing pressures from volatile cryptocurrency prices and risks associated with construction and deployment delays within its mining operations.
This aggregate rating is based on analysts' research of Bitfarms Ltd and is not a guaranteed prediction by Public.com or investment advice.
Bitfarms Ltd (BITF) Analyst Forecast & Price Prediction
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