In the latest trading session, Bitfarms Ltd. (BITF) closed at $2.34, marking a -4.49% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.43% for the day. Elsewhere, the Dow lost 0.37%, while the tech-heavy Nasdaq lost 0.94%.
The company's shares have seen an increase of 4.26% over the last month, surpassing the Business Services sector's loss of 4.49% and the S&P 500's gain of 0.89%.
Investors will be eagerly watching for the performance of Bitfarms Ltd. in its upcoming earnings disclosure. In that report, analysts expect Bitfarms Ltd. to post earnings of -$0.05 per share. This would mark a year-over-year decline of 266.67%. Meanwhile, the latest consensus estimate predicts the revenue to be $64.38 million, indicating a 14.63% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.28 per share and revenue of $278.28 million. These totals would mark changes of -100% and 0%, respectively, from last 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Bitfarms Ltd. currently has a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 164, which puts it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Bitfarms Ltd. (BITF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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