Bit Digital, Inc. (BTBT) closed the most recent trading day at $3.42, moving -6.56% from the previous trading session. This change lagged the S&P 500's daily gain of 0.17%. On the other hand, the Dow registered a loss of 0.48%, and the technology-centric Nasdaq increased by 0.46%.
The company's stock has climbed by 4.57% in the past month, exceeding the Business Services sector's loss of 3.15% and the S&P 500's gain of 2.38%.
The investment community will be closely monitoring the performance of Bit Digital, Inc. in its forthcoming earnings report. The company's upcoming EPS is projected at $0, signifying a 100.00% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $29.54 million, up 30.07% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.2 per share and a revenue of $114.89 million, demonstrating changes of +28.57% and +6.33%, respectively, from the preceding 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 business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 18.18% lower within the past month. As of now, Bit Digital, Inc. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming 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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