Bitfarms Ltd. (BITF) Flat As Market Gains: What You Should Know

Bitfarms Ltd. (BITF) ended the recent trading session at $1.13, demonstrating no swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.01%. Elsewhere, the Dow lost 0.43%, while the tech-heavy Nasdaq added 0.26%.The company's stock has dropped by 19.29% in the past month, falling short of the Business Services sector's gain of 3.38% and the S&P 500's loss of 2.26%.Market participants will be closely following the financial results of Bitfarms Ltd. in its upcoming release. It is anticipated that the company will report an EPS of -$0.04, marking a 33.33% rise compared to the same quarter of the previous 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.It is also important to note the recent changes to analyst estimates for Bitfarms Ltd. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been an 8.33% fall in the Zacks Consensus EPS estimate. Currently, Bitfarms Ltd. is carrying a Zacks Rank of #3 (Hold).The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 70, this industry ranks in the top 28% of all industries, numbering over 250.The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.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 among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks