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

In the latest close session, Bitfarms Ltd. (BITF) was up +2.73% at $3.01. The stock's change was more than the S&P 500's daily gain of 0.01%. Meanwhile, the Dow experienced a rise of 0.51%, and the technology-dominated Nasdaq saw a decrease of 0.28%. The company's shares have seen an increase of 134.4% over the last month, surpassing the Business Services sector's gain of 1.5% and the S&P 500's gain of 4.83%.Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. The company's upcoming EPS is projected at -$0.02, signifying a 77.78% increase compared to the same quarter of the previous 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. Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.13 per share and revenue of $321.13 million, indicating changes of +7.14% and +66.49%, respectively, compared to the previous year. Investors might also notice recent changes to analyst estimates for Bitfarms Ltd. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook. Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Bitfarms Ltd. presently features a Zacks Rank of #4 (Sell). The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 68, putting it in the top 28% 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. Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum 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