Bit Digital, Inc. (BTBT) ended the recent trading session at $1.64, demonstrating a -2.96% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.79% for the day. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, lost 1.55%.
Shares of the company have depreciated by 2.87% over the course of the past month, underperforming the Business Services sector's gain of 4.59%, and the S&P 500's gain of 4.28%.
The investment community will be paying close attention to the earnings performance of Bit Digital, Inc. in its upcoming release. The company is predicted to post an EPS of -$0.05, indicating a 66.67% decline compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $21.71 million, showing a 15.54% drop compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.55 per share and a revenue of $137.81 million, representing changes of -139.13% and +21.3%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bit Digital, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Bit Digital, Inc. currently has a Zacks Rank of #5 (Strong Sell).
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 109, which puts it in the top 45% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Bit Digital, Inc. (BTBT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).