Bit Digital, Inc. (BTBT) closed the most recent trading day at $1.78, moving -1.66% from the previous trading session. This move lagged the S&P 500's daily loss of 0.54%. Meanwhile, the Dow gained 0.03%, and the Nasdaq, a tech-heavy index, lost 1.18%.
The company's shares have seen a decrease of 16.2% over the last month, not keeping up with the Business Services sector's loss of 5.61% and the S&P 500's gain of 0.58%.
The investment community will be closely monitoring the performance of Bit Digital, Inc. in its forthcoming earnings report. The company is predicted to post an EPS of -$0.02, indicating a 81.82% growth compared to the equivalent quarter last 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.
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.
It is also important to note the recent changes to analyst estimates for Bit Digital, Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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.
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 witnessed an unchanged state. Currently, Bit Digital, Inc. is carrying a Zacks Rank of #3 (Hold).
Investors should also note Bit Digital, Inc.'s current valuation metrics, including its Forward P/E ratio of 271.5. Its industry sports an average Forward P/E of 15.6, so one might conclude that Bit Digital, Inc. is trading at a premium comparatively.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 157, this industry ranks in the bottom 36% of all industries, numbering over 250.
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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