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Bitfarms Ltd. (BITF) Falls More Steeply Than Broader Market: What Investors Need to Know
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Bitfarms Ltd. (BITF - Free Report) closed the most recent trading day at $2, moving -1.48% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.19%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.36%.
Coming into today, shares of the company had lost 10.18% in the past month. In that same time, the Business Services sector gained 6.7%, while the S&P 500 gained 2.06%.
The upcoming earnings release of Bitfarms Ltd. will be of great interest to investors. In that report, analysts expect Bitfarms Ltd. to post earnings of -$0.11 per share. This would mark a year-over-year decline of 57.14%. At the same time, our most recent consensus estimate is projecting a revenue of $55.48 million, reflecting a 60.35% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.29 per share and a revenue of $226.81 million, representing changes of -38.1% and +54.96%, respectively, from the prior year.
Any recent changes to analyst estimates for Bitfarms Ltd. should also be noted by investors. 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 demonstrates that these adjustments in estimates directly associate with imminent 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 last 30 days, the Zacks Consensus EPS estimate has moved 4.44% higher. At present, Bitfarms Ltd. boasts a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Bitfarms Ltd. (BITF) Falls More Steeply Than Broader Market: What Investors Need to Know
Bitfarms Ltd. (BITF - Free Report) closed the most recent trading day at $2, moving -1.48% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.19%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.36%.
Coming into today, shares of the company had lost 10.18% in the past month. In that same time, the Business Services sector gained 6.7%, while the S&P 500 gained 2.06%.
The upcoming earnings release of Bitfarms Ltd. will be of great interest to investors. In that report, analysts expect Bitfarms Ltd. to post earnings of -$0.11 per share. This would mark a year-over-year decline of 57.14%. At the same time, our most recent consensus estimate is projecting a revenue of $55.48 million, reflecting a 60.35% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.29 per share and a revenue of $226.81 million, representing changes of -38.1% and +54.96%, respectively, from the prior year.
Any recent changes to analyst estimates for Bitfarms Ltd. should also be noted by investors. 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 demonstrates that these adjustments in estimates directly associate with imminent 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 last 30 days, the Zacks Consensus EPS estimate has moved 4.44% higher. At present, Bitfarms Ltd. boasts a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.