What's Going On With Bitfarms Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Bitfarms Ltd. (NASDAQ:BITF) shares are flat after a 22% gain following its Q2 earnings release. The company reported a loss of 7 cents per share, beating estimates by 30%, and revenue of $41.548 million, down 16% sequentially. Gross mining profit and margin also declined. Bitfarms averaged 6.7 bitcoin per day in production and increased its hashrate to 11.1 EH/s. The company holds $195 million in liquidity and 1,016 bitcoins. Shares are trading below the 50-day moving average, with 23.5% of shares sold short.
August 09, 2024 | 1:25 pm
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NEUTRAL IMPACT
Bitfarms reported a Q2 loss of 7 cents per share, beating estimates by 30%. Revenue fell 16% sequentially. Gross mining profit and margin declined. The company increased its hashrate and holds significant liquidity. Shares are flat after a 22% gain.
Despite beating earnings estimates, the decline in revenue and gross mining profit/margin, along with the stock trading below its 50-day moving average, suggests a neutral short-term impact. The significant liquidity and increased hashrate provide some positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100