Bit Digital, Inc. (BTBT) closed the most recent trading day at $3.87, moving -8.29% from the previous trading session. On the other hand, the Dow registered a gain of 0.47%, and the technology-centric Nasdaq decreased by 0.16%.
Prior to today's trading, shares of the company had gained 34.4% outpaced the Business Services sector's loss of 7.9% and the S&P 500's gain of 1.16%.
The upcoming earnings release of Bit Digital, Inc. will be of great interest to investors. On that day, Bit Digital, Inc. is projected to report earnings of $0 per share, which would represent year-over-year growth of 100%. Simultaneously, our latest consensus estimate expects the revenue to be $29.52 million, showing a 29.96% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.2 per share and a revenue of $115.72 million, signifying shifts of +28.57% and +7.09%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Bit Digital, Inc. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.09% lower. At present, Bit Digital, Inc. boasts a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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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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