Here's Why Bitfarms Ltd. (BITF) Fell More Than Broader Market

In the latest trading session, Bitfarms Ltd. (BITF) closed at $3.01, marking a -1.95% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.37% for the day. Meanwhile, the Dow experienced a drop of 1.35%, and the technology-dominated Nasdaq saw a decrease of 1.8%.

Shares of the company witnessed a gain of 25.82% over the previous month, beating the performance of the Business Services sector with its gain of 7.99% and the S&P 500's gain of 5.1%.

Investors will be eagerly watching for the performance of Bitfarms Ltd. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.04, marking a 42.86% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $39.19 million, up 44.92% from the prior-year quarter.

Investors might also notice recent changes to analyst estimates for Bitfarms Ltd. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 16.67% decrease. At present, Bitfarms Ltd. boasts a Zacks Rank of #4 (Sell).

The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 98, this industry ranks in the top 39% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within 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 follow all of these stock-moving metrics, and many more, on Zacks.com.

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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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