Bitfarms Ltd. (BITF) closed at $1.04 in the latest trading session, marking a +1.96% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.32%. Meanwhile, the Dow experienced a rise of 0.53%, and the technology-dominated Nasdaq saw an increase of 0.26%.
The stock of company has risen by 26.96% in the past month, leading the Business Services sector's loss of 1.01% and the S&P 500's gain of 4.51%.
Analysts and investors alike will be keeping a close eye on the performance of Bitfarms Ltd. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.01, marking a 85.71% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $81.84 million, up 96.97% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.1 per share and revenue of $328.49 million, which would represent changes of +28.57% and +70.31%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bitfarms Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 31.03% upward. Bitfarms Ltd. presently features a Zacks Rank of #2 (Buy).
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 74, which puts it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Bitfarms Ltd. (BITF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
