Bit Digital, Inc. (BTBT) closed the most recent trading day at $1.29, moving -5.15% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.6%. Meanwhile, the Dow gained 0.83%, and the Nasdaq, a tech-heavy index, added 0.64%.
Shares of the company have depreciated by 12.82% over the course of the past month, underperforming the Business Services sector's loss of 2.9%, and the S&P 500's gain of 1.34%.
Market participants will be closely following the financial results of Bit Digital, Inc. in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.05, reflecting no change from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $34.19 million, indicating a 12.25% upward movement from the same quarter last year.
BTBT's full-year Zacks Consensus Estimates are calling for earnings of -$0.78 per share and revenue of $152.43 million. These results would represent year-over-year changes of -239.13% and +34.17%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Bit Digital, Inc. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 5% higher within the past month. Bit Digital, Inc. is currently sporting a Zacks Rank of #4 (Sell).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 172, this industry ranks in the bottom 31% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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 Report
This article originally published on Zacks Investment Research (zacks.com).