Bitfarms Ltd. (BITF) closed at $2.68 in the latest trading session, marking a -3.42% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.5%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 0.5%.
Heading into today, shares of the company had gained 107.09% over the past month, outpacing the Business Services sector's loss of 0.74% and the S&P 500's gain of 2.74%.
The upcoming earnings release of Bitfarms Ltd. will be of great interest to investors. The company's earnings per share (EPS) are projected to be -$0.02, reflecting a 77.78% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $84.47 million, showing a 88.34% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.13 per share and a revenue of $321.13 million, representing changes of +7.14% and +66.49%, respectively, from the prior year.
Any recent changes to analyst estimates for Bitfarms Ltd. should also be noted by investors. 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Bitfarms Ltd. is holding a Zacks Rank of #4 (Sell) right now.
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 84, finds itself in the top 35% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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
