Bit Digital, Inc. (BTBT) ended the recent trading session at $4.01, demonstrating a +2.04% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.54%. At the same time, the Dow added 0.52%, and the tech-heavy Nasdaq gained 0.74%.
Prior to today's trading, shares of the company had gained 63.07% outpaced the Business Services sector's loss of 1.28% and the S&P 500's gain of 4.2%.
Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.02, marking a 100% fall compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.32 per share and a revenue of $123.6 million, demonstrating changes of -14.29% and +14.39%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Bit Digital, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 last 30 days, the Zacks Consensus EPS estimate has moved 90% lower. Bit Digital, Inc. presently features a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Bit Digital, Inc. (BTBT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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