In the latest close session, Bit Digital, Inc. (BTBT) was down 3.79% at $2.03. The stock trailed the S&P 500, which registered a daily loss of 0.43%. Meanwhile, the Dow experienced a drop of 0.37%, and the technology-dominated Nasdaq saw a decrease of 0.94%.
Prior to today's trading, shares of the company had gained 11.64% outpaced the Business Services sector's loss of 4.49% and the S&P 500's gain of 0.89%.
Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. In that report, analysts expect Bit Digital, Inc. to post earnings of -$0.02 per share. This would mark year-over-year growth of 81.82%. Alongside, our most recent consensus estimate is anticipating revenue of $30.66 million, indicating a 17.48% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.33 per share and a revenue of $111.9 million, demonstrating changes of +217.86% and 0%, respectively, from the preceding year.
Any recent changes to analyst estimates for Bit Digital, Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Bit Digital, Inc. presently features a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Bit Digital, Inc. has a Forward P/E ratio of 316.5 right now. This signifies a premium in comparison to the average Forward P/E of 16.66 for its industry.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 34% of all 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.
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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