Bitfarms Ltd. (BITF) Stock Slides as Market Rises: Facts to Know Before You Trade

Bitfarms Ltd. (BITF) closed the latest trading day at $1.07, indicating a -0.93% change from the previous session's end. This change lagged the S&P 500's 0.65% gain on the day. Elsewhere, the Dow gained 0.38%, while the tech-heavy Nasdaq added 0.48%.

The company's shares have seen a decrease of 0.92% over the last month, surpassing the Business Services sector's loss of 4.62% and the S&P 500's loss of 2.79%.

The upcoming earnings release of Bitfarms Ltd. will be of great interest to investors. The company's earnings report is expected on November 7, 2023. The company is expected to report EPS of -$0.03, up 62.5% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $37.15 million, up 11.73% from the prior-year quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.17 per share and a revenue of $140.95 million, signifying shifts of +85.22% and -1.04%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Bitfarms Ltd. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Bitfarms Ltd. possesses 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 93, positioning it in the top 37% 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.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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