Bitfarms Ltd. (BITF) Outperforms Broader Market: What You Need to Know

Bitfarms Ltd. (BITF) ended the recent trading session at $1.03, demonstrating a +0.98% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.74%. Elsewhere, the Dow gained 0.05%, while the tech-heavy Nasdaq added 1.26%.Shares of the company witnessed a gain of 7.02% over the previous month, beating the performance of the Business Services sector with its loss of 4.61% and the S&P 500's loss of 4.77%.The investment community will be closely monitoring the performance of Bitfarms Ltd. in its forthcoming earnings report. The company is predicted to post an EPS of -$0.03, indicating a 50% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $69.58 million, up 38.28% from the prior-year quarter.For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.10 per share and a revenue of $347.25 million, representing changes of +28.57% and +80.03%, respectively, from the prior year.Investors should also note any recent changes to analyst estimates for Bitfarms Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. 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, 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. Over the past month, there's been a 130.77% fall in the Zacks Consensus EPS estimate. Currently, Bitfarms Ltd. is carrying a Zacks Rank of #3 (Hold).The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 64, which puts it in the top 26% of all 250+ industries.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.Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bitfarms Ltd. (BITF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks