In the latest trading session, Bit Digital, Inc. (BTBT) closed at $3.99, marking a +2.05% move from the previous day. The stock outperformed the S&P 500, which registered a daily gain of 1.23%. Elsewhere, the Dow saw an upswing of 0.72%, while the tech-heavy Nasdaq appreciated by 1.86%.
Shares of the company witnessed a gain of 32.54% over the previous month, beating the performance of the Business Services sector with its loss of 5.43%, and the S&P 500's gain of 2.45%.
Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0, marking a 100% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $29.54 million, indicating a 30.07% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.2 per share and revenue of $114.89 million. These totals would mark changes of +28.57% and +6.33%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates 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 business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 witnessed a 18.18% decrease. Right now, Bit Digital, Inc. possesses 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 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming 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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