Strength Seen in Bitfarms (BITF): Can Its 9.3% Jump Turn into More Strength?

Bitfarms Ltd. (BITF) shares rallied 9.3% in the last trading session to close at $5.89. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 117.3% gain over the past four weeks.The stock is benefiting from optimism that booming AI compute demand and Bitfarms’ new HPC expansion will boost growth prospects.This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +77.8%. Revenues are expected to be $84.47 million, up 88.3% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Bitfarms, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BITF going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Bitfarms is a member of the Zacks Technology Services industry. One other stock in the same industry, Arbe Robotics Ltd. (ARBE), finished the last trading session 11.9% higher at $2.64. ARBE has returned 62.8% over the past month.For Industrial Tech Acquisitions, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.07. This represents a change of +46.2% from what the company reported a year ago. Industrial Tech Acquisitions currently has a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant 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 Report Arbe Robotics Ltd. (ARBE): 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