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Is Bitfarms (BITF) Stock Outpacing Its Business Services Peers This Year?
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For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Bitfarms Ltd. (BITF - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.
Bitfarms Ltd. is one of 334 individual stocks in the Business Services sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Bitfarms Ltd. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for BITF's full-year earnings has moved 98.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that BITF has returned about 168.2% since the start of the calendar year. At the same time, Business Services stocks have gained an average of 9%. As we can see, Bitfarms Ltd. is performing better than its sector in the calendar year.
Another Business Services stock, which has outperformed the sector so far this year, is Core & Main (CNM - Free Report) . The stock has returned 49% year-to-date.
For Core & Main, the consensus EPS estimate for the current year has increased 0.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Bitfarms Ltd. belongs to the Technology Services industry, which includes 193 individual stocks and currently sits at #102 in the Zacks Industry Rank. On average, stocks in this group have gained 20.3% this year, meaning that BITF is performing better in terms of year-to-date returns.
In contrast, Core & Main falls under the Waste Removal Services industry. Currently, this industry has 15 stocks and is ranked #178. Since the beginning of the year, the industry has moved +8.2%.
Investors with an interest in Business Services stocks should continue to track Bitfarms Ltd. and Core & Main. These stocks will be looking to continue their solid performance.
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Is Bitfarms (BITF) Stock Outpacing Its Business Services Peers This Year?
For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Bitfarms Ltd. (BITF - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.
Bitfarms Ltd. is one of 334 individual stocks in the Business Services sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Bitfarms Ltd. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for BITF's full-year earnings has moved 98.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that BITF has returned about 168.2% since the start of the calendar year. At the same time, Business Services stocks have gained an average of 9%. As we can see, Bitfarms Ltd. is performing better than its sector in the calendar year.
Another Business Services stock, which has outperformed the sector so far this year, is Core & Main (CNM - Free Report) . The stock has returned 49% year-to-date.
For Core & Main, the consensus EPS estimate for the current year has increased 0.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Bitfarms Ltd. belongs to the Technology Services industry, which includes 193 individual stocks and currently sits at #102 in the Zacks Industry Rank. On average, stocks in this group have gained 20.3% this year, meaning that BITF is performing better in terms of year-to-date returns.
In contrast, Core & Main falls under the Waste Removal Services industry. Currently, this industry has 15 stocks and is ranked #178. Since the beginning of the year, the industry has moved +8.2%.
Investors with an interest in Business Services stocks should continue to track Bitfarms Ltd. and Core & Main. These stocks will be looking to continue their solid performance.