Bitfarms Ltd. (BITF) Advances While Market Declines: Some Information for Investors

In the latest trading session, Bitfarms Ltd. (BITF) closed at $1.42, marking a +1.43% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.01% for the day. Meanwhile, the Dow lost 0.37%, and the Nasdaq, a tech-heavy index, added 0.41%.The the stock of company has fallen by 14.63% in the past month, lagging the Business Services sector's gain of 15.7% and the S&P 500's gain of 4.88%.Market participants will be closely following the financial results 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. Our most recent consensus estimate is calling for quarterly revenue of $55.02 million, up 18.98% from the year-ago period.It is also important to note the recent changes to analyst estimates for Bitfarms Ltd. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 8.33% lower. Bitfarms Ltd. is currently sporting a Zacks Rank of #3 (Hold).The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% of all 250+ industries.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand picked 7 your immediate attention. See them 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks