Bitfarms Ltd. (BITF) Registers a Bigger Fall Than the Market: Important Facts to Note

Bitfarms Ltd. (BITF) closed at $2.20 in the latest trading session, marking a -5.58% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.43%. At the same time, the Dow lost 1.05%, and the tech-heavy Nasdaq lost 0.92%.

Shares of the company have depreciated by 4.9% over the course of the past month, underperforming the Business Services sector's loss of 4.77%, and the S&P 500's loss of 0.5%.

The investment community will be closely monitoring the performance of Bitfarms Ltd. in its forthcoming earnings report. In that report, analysts expect Bitfarms Ltd. to post earnings of -$0.04 per share. This would mark a year-over-year decline of 233.33%. In the meantime, our current consensus estimate forecasts the revenue to be $59.63 million, indicating a 6.17% growth compared to the corresponding quarter of the prior year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.28 per share and a revenue of $273.53 million, representing changes of -100% and +41.81%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Bitfarms Ltd. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 past month, the Zacks Consensus EPS estimate has moved 65.15% lower. Right now, Bitfarms Ltd. possesses a Zacks Rank of #4 (Sell).

The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 163, this industry ranks in the bottom 34% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our 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.