Bit Digital, Inc. (BTBT) ended the recent trading session at $3.15, demonstrating a -2.48% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.4%. Elsewhere, the Dow saw an upswing of 0.47%, while the tech-heavy Nasdaq appreciated by 0.24%.
Shares of the company have appreciated by 62.31% over the course of the past month, outperforming the Business Services sector's loss of 0.55%, and the S&P 500's gain of 4.61%.
Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. On that day, Bit Digital, Inc. is projected to report earnings of -$0.03 per share, which would represent a year-over-year decline of 200%. Meanwhile, the latest consensus estimate predicts the revenue to be $25.35 million, indicating a 12.44% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.31 per share and a revenue of $121.9 million, representing changes of -10.71% and +12.82%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Bit Digital, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 70% lower. As of now, Bit Digital, Inc. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 85, putting it in the top 35% of all 250+ industries.
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.
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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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