Bit Digital, Inc. (BTBT) closed the latest trading day at $2.11, indicating a +1.93% change from the previous session's end. This change outpaced the S&P 500's 1.47% gain on the day. Elsewhere, the Dow saw an upswing of 1.39%, while the tech-heavy Nasdaq appreciated by 1.51%.
The company's stock has climbed by 5.08% in the past month, exceeding the Business Services sector's loss of 1.38% and the S&P 500's loss of 0.47%.
The investment community will be paying close attention to the earnings performance of Bit Digital, Inc. in its upcoming release. The company is expected to report EPS of -$0.05, down 266.67% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $26.21 million, indicating a 13.46% decline compared to the corresponding quarter of the prior year.
BTBT's full-year Zacks Consensus Estimates are calling for earnings of -$0.04 per share and revenue of $158.34 million. These results would represent year-over-year changes of +85.71% and +46.54%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Bit Digital, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 past month, there's been a 100% fall in the Zacks Consensus EPS estimate. Bit Digital, Inc. presently features a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 82, placing it within the top 34% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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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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