Bit Digital, Inc. (BTBT) closed the most recent trading day at $1.56, moving +2.98% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.29%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, added 0.89%.
Heading into today, shares of the company had gained 10.22% over the past month, outpacing the Business Services sector's gain of 6.93% and lagging the S&P 500's gain of 10.54%.
Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.04, signifying a 20.00% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $24.12 million, showing a 3.89% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.12 per share and a revenue of $143.41 million, demonstrating changes of +47.83% and +26.24%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bit Digital, Inc. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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, 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. Within the past 30 days, our consensus EPS projection has moved 1900% lower. As of now, Bit Digital, Inc. holds 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 168, which puts it in the bottom 32% of all 250+ industries.
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.
To follow BTBT in the coming trading sessions, be sure to utilize Zacks.com.
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Bit Digital, Inc. (BTBT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).