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The latest trading session saw Bitfarms Ltd. (BITF) ending at $1.11, denoting a +1.83% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 2.13% for the day. On the other hand, the Dow registered a gain of 1.65%, and the technology-centric Nasdaq increased by 2.61%.
The the stock of company has fallen by 22.14% in the past month, lagging the Business Services sector's loss of 12.27% and the S&P 500's loss of 9.57%.
The investment community will be paying close attention to the earnings performance of Bitfarms Ltd. in its upcoming release. The company is forecasted to report an EPS of -$0.04, showcasing a 33.33% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $53.82 million, indicating a 16.4% increase compared to the same quarter of the previous 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 116.67% lower. As of now, Bitfarms Ltd. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 67, this industry ranks in the top 27% of all industries, numbering over 250.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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