Bit Digital, Inc. (BTBT) closed the most recent trading day at $2.08, moving -1.42% from the previous trading session. This change lagged the S&P 500's 0.5% gain on the day. At the same time, the Dow added 0.64%, and the tech-heavy Nasdaq gained 0.43%.
Prior to today's trading, shares of the company had gained 2.93% outpaced the Business Services sector's loss of 3.21% and the S&P 500's gain of 0.18%.
Market participants will be closely following the financial results of Bit Digital, Inc. in its upcoming release. On that day, Bit Digital, Inc. is projected to report earnings of -$0.02 per share, which would represent year-over-year growth of 81.82%. Our most recent consensus estimate is calling for quarterly revenue of $30.66 million, up 17.48% from the year-ago period.
BTBT's full-year Zacks Consensus Estimates are calling for earnings of $0.33 per share and revenue of $111.9 million. These results would represent year-over-year changes of +217.86% and 0%, respectively.
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. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 remained stagnant within the past month. Bit Digital, Inc. presently features a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Bit Digital, Inc. is at present trading with a Forward P/E ratio of 316.5. This indicates a premium in contrast to its industry's Forward P/E of 16.85.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 169, positioning it in the bottom 32% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in 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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