Bit Digital, Inc. (BTBT) closed the most recent trading day at $1.71, moving -2.84% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.1%. Meanwhile, the Dow experienced a rise of 0.07%, and the technology-dominated Nasdaq saw an increase of 0.14%.
The company's stock has dropped by 25.74% in the past month, falling short of the Business Services sector's loss of 7.85% and the S&P 500's loss of 1.43%.
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 -$0.02, signifying a 81.82% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $30.66 million, up 17.48% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.33 per share and revenue of $111.9 million. These totals would mark changes of +217.86% and +3.56%, respectively, from last year.
Any recent changes to analyst estimates for Bit Digital, Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Bit Digital, Inc. possesses a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Bit Digital, Inc. has a Forward P/E ratio of 264 right now. This expresses a premium compared to the average Forward P/E of 15.47 of its industry.
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 145, finds itself in the bottom 41% echelons 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding 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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