In the latest trading session, Bit Digital, Inc. (BTBT) closed at $1.82, marking a +1.11% move from the previous day. The stock exceeded the S&P 500, which registered a gain of 0.47% for the day. Elsewhere, the Dow saw an upswing of 0.04%, while the tech-heavy Nasdaq appreciated by 0.9%.
The company's stock has dropped by 17.81% in the past month, falling short of the Business Services sector's loss of 6.87% and the S&P 500's loss of 0.16%.
Market participants will be closely following the financial results of Bit Digital, Inc. in its upcoming release. It is anticipated that the company will report an EPS of -$0.02, marking a 81.82% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $30.66 million, reflecting a 17.48% rise from the equivalent quarter last year.
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 +3.56%, respectively.
Any recent changes to analyst estimates for Bit Digital, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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 remained steady. Bit Digital, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Bit Digital, Inc. is presently being traded at a Forward P/E ratio of 270. This valuation marks a premium compared to its industry average Forward P/E of 16.11.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 148, putting it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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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