Bitfarms Ltd. (BITF) closed at $2.04 in the latest trading session, marking a -8.11% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 1.33% for the day. At the same time, the Dow lost 0.95%, and the tech-heavy Nasdaq lost 1.59%.
Coming into today, shares of the company had gained 30.2% in the past month. In that same time, the Business Services sector gained 1.64%, while the S&P 500 gained 0.58%.
Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. The company is forecasted to report an EPS of -$0.04, showcasing a 233.33% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $59.63 million, reflecting a 6.17% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.28 per share and revenue of $273.53 million. These totals would mark changes of -100% and +41.81%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Bitfarms Ltd. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 65.15% lower. 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 182, finds itself in the bottom 26% 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.
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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