Bitfarms Ltd. (BITF) closed the most recent trading day at $1.24, moving -3.13% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.3%. On the other hand, the Dow registered a loss of 0.46%, and the technology-centric Nasdaq decreased by 0.38%.
Heading into today, shares of the company had gained 52.35% over the past month, outpacing the Business Services sector's gain of 0.16% and the S&P 500's gain of 3.64%.
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 -$0.01, showcasing a 85.71% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $81.84 million, up 96.97% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.1 per share and revenue of $328.49 million, indicating changes of +28.57% and +70.31%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Bitfarms Ltd. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 last 30 days, the Zacks Consensus EPS estimate has moved 31.03% higher. Bitfarms Ltd. currently has a Zacks Rank of #2 (Buy).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 87, this industry ranks in the top 36% of all industries, numbering over 250.
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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Higher. Faster. Sooner. Buy These Stocks Now
A small number of stocks are primed for a breakout, and you have a chance to get in before they take off.
At any given time, there are only 220 Zacks Rank #1 Strong Buys. On average, this list more than doubles the S&P 500. We’ve combed through the latest Strong Buys and selected 7 compelling companies likely to jump sooner and climb higher than any other stock you could buy this month.
You'll learn everything you need to know about these exciting trades in our brand-new Special Report, 7 Best Stocks for the Next 30 Days.
Download the report free now >>Bitfarms Ltd. (BITF) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
