Bitfarms Ltd. (BITF) closed the most recent trading day at $2.20, moving -2.65% from the previous trading session. This move lagged the S&P 500's daily loss of 0.33%. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq depreciated by 0.59%.
Shares of the company witnessed a loss of 25.41% over the previous month, trailing the performance of the Business Services sector with its loss of 7.51%, and the S&P 500's loss of 0%.
Analysts and investors alike will be keeping a close eye on the performance of Bitfarms Ltd. in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.05, indicating a 266.67% decline compared to the equivalent quarter last year. 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.
For the full year, the Zacks Consensus Estimates project earnings of -$0.28 per share and a revenue of $278.28 million, demonstrating changes of -100% and +44.27%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Bitfarms Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 past month, there's been no change in the Zacks Consensus EPS estimate. Bitfarms Ltd. presently features a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 157, this industry ranks in the bottom 36% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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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.
