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Why Bitfarms Ltd. (BITF) Dipped More Than Broader Market Today
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In the latest market close, Bitfarms Ltd. (BITF - Free Report) reached $2.52, with a -1.18% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.5% for the day. On the other hand, the Dow registered a gain of 0.5%, and the technology-centric Nasdaq decreased by 1.28%.
Shares of the company have depreciated by 4.85% over the course of the past month, underperforming the Business Services sector's loss of 0.49% and the S&P 500's gain of 0.1%.
Analysts and investors alike will be keeping a close eye on the performance of Bitfarms Ltd. in its upcoming earnings disclosure. On that day, Bitfarms Ltd. is projected to report earnings of -$0.11 per share, which would represent a year-over-year decline of 57.14%. Meanwhile, the latest consensus estimate predicts the revenue to be $44.59 million, indicating a 25.68% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.31 per share and a revenue of $233.54 million, signifying shifts of -47.62% and +59.56%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Bitfarms Ltd. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 14.63% lower within the past month. Right now, Bitfarms Ltd. possesses a Zacks Rank of #4 (Sell).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 87, placing it within the top 35% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BITF in the coming trading sessions, be sure to utilize Zacks.com.
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Why Bitfarms Ltd. (BITF) Dipped More Than Broader Market Today
In the latest market close, Bitfarms Ltd. (BITF - Free Report) reached $2.52, with a -1.18% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.5% for the day. On the other hand, the Dow registered a gain of 0.5%, and the technology-centric Nasdaq decreased by 1.28%.
Shares of the company have depreciated by 4.85% over the course of the past month, underperforming the Business Services sector's loss of 0.49% and the S&P 500's gain of 0.1%.
Analysts and investors alike will be keeping a close eye on the performance of Bitfarms Ltd. in its upcoming earnings disclosure. On that day, Bitfarms Ltd. is projected to report earnings of -$0.11 per share, which would represent a year-over-year decline of 57.14%. Meanwhile, the latest consensus estimate predicts the revenue to be $44.59 million, indicating a 25.68% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.31 per share and a revenue of $233.54 million, signifying shifts of -47.62% and +59.56%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Bitfarms Ltd. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 14.63% lower within the past month. Right now, Bitfarms Ltd. possesses a Zacks Rank of #4 (Sell).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 87, placing it within the top 35% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BITF in the coming trading sessions, be sure to utilize Zacks.com.