The latest trading session saw Bitfarms Ltd. (BITF) ending at $1.02, denoting a -0.97% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 1.47%. On the other hand, the Dow registered a gain of 1.39%, and the technology-centric Nasdaq increased by 1.51%.
Prior to today's trading, shares of the company had gained 25.44% over the past month. This has outpaced the Business Services sector's loss of 1.38% and the S&P 500's loss of 0.47% in that time.
Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. It is anticipated that the company will report an EPS of -$0.04, marking a 100% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $68.39 million, up 35.91% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.14 per share and revenue of $338.38 million. These totals would mark changes of 0% and +75.43%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Bitfarms Ltd. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 31.25% decrease. At present, Bitfarms Ltd. boasts a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 82, positioning it in the top 34% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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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