Bit Digital, Inc. (BTBT) ended the recent trading session at $1.63, demonstrating a -4.68% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.56%. Meanwhile, the Dow gained 0.26%, and the Nasdaq, a tech-heavy index, added 0.78%.
The stock of company has fallen by 23.32% in the past month, lagging the Business Services sector's loss of 7.49% and the S&P 500's loss of 1.27%.
The investment community will be closely monitoring the performance of Bit Digital, Inc. in its forthcoming earnings report. 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%. 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.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.33 per share and a revenue of $111.9 million, signifying shifts of +217.86% and +3.56%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Bit Digital, Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Bit Digital, Inc. is currently a Zacks Rank #3 (Hold).
With respect to valuation, Bit Digital, Inc. is currently being traded at a Forward P/E ratio of 256.5. This signifies a premium in comparison to the average Forward P/E of 15.47 for its industry.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 137, putting it in the bottom 45% of all 250+ industries.
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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming 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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