Bit Digital, Inc. (BTBT) closed the latest trading day at $2.27, indicating a +0.89% change from the previous session's end. The stock outpaced the S&P 500's daily loss of 0.33%. Meanwhile, the Dow experienced a drop of 0.37%, and the technology-dominated Nasdaq saw a decrease of 0.53%.
Shares of the company have depreciated by 8.16% over the course of the past month, underperforming the Business Services sector's loss of 2.97% and the S&P 500's loss of 4.03%.
The investment community will be closely monitoring the performance of Bit Digital, Inc. in its forthcoming earnings report. The company is predicted to post an EPS of -$0.06, indicating a 300% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $24.18 million, down 20.16% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.02 per share and a revenue of $157.96 million, signifying shifts of +92.86% and +46.19%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bit Digital, Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 past month, there's been a 153.85% fall in the Zacks Consensus EPS estimate. Bit Digital, Inc. is holding a Zacks Rank of #3 (Hold) right now.
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 66, placing it within the top 27% of over 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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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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