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Bitfarms Ltd. (BITF) Stock Sinks As Market Gains: Here's Why
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Bitfarms Ltd. (BITF - Free Report) ended the recent trading session at $3.12, demonstrating a -2.5% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.49%. Elsewhere, the Dow saw an upswing of 0.38%, while the tech-heavy Nasdaq appreciated by 0.72%.
Prior to today's trading, shares of the company had gained 160.16% outpaced the Business Services sector's gain of 1.84% and the S&P 500's gain of 2.99%.
Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. The company is predicted to post an EPS of -$0.02, indicating a 77.78% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $84.47 million, reflecting a 88.34% rise from the equivalent quarter last year.
BITF's full-year Zacks Consensus Estimates are calling for earnings of -$0.13 per share and revenue of $321.13 million. These results would represent year-over-year changes of +7.14% and +66.49%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bitfarms Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 past month, the Zacks Consensus EPS estimate has remained steady. Bitfarms Ltd. is currently sporting a Zacks Rank of #4 (Sell).
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 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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Bitfarms Ltd. (BITF) Stock Sinks As Market Gains: Here's Why
Bitfarms Ltd. (BITF - Free Report) ended the recent trading session at $3.12, demonstrating a -2.5% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.49%. Elsewhere, the Dow saw an upswing of 0.38%, while the tech-heavy Nasdaq appreciated by 0.72%.
Prior to today's trading, shares of the company had gained 160.16% outpaced the Business Services sector's gain of 1.84% and the S&P 500's gain of 2.99%.
Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. The company is predicted to post an EPS of -$0.02, indicating a 77.78% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $84.47 million, reflecting a 88.34% rise from the equivalent quarter last year.
BITF's full-year Zacks Consensus Estimates are calling for earnings of -$0.13 per share and revenue of $321.13 million. These results would represent year-over-year changes of +7.14% and +66.49%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bitfarms Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 past month, the Zacks Consensus EPS estimate has remained steady. Bitfarms Ltd. is currently sporting a Zacks Rank of #4 (Sell).
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 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.