In the latest close session, Bit Digital, Inc. (BTBT) was down 5.91% at $2.23. The stock fell short of the S&P 500, which registered a loss of 2.06% for the day. At the same time, the Dow lost 1.76%, and the tech-heavy Nasdaq lost 2.39%.
The company's shares have seen an increase of 7.24% over the last month, surpassing the Business Services sector's loss of 3.38% and the S&P 500's gain of 1.63%.
Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.02, marking a 81.82% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $30.66 million, up 17.48% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.33 per share and revenue of $111.9 million, indicating changes of +217.86% and 0%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Bit Digital, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Over the past month, the Zacks Consensus EPS estimate has remained steady. Bit Digital, Inc. currently has a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Bit Digital, Inc. is presently being traded at a Forward P/E ratio of 355.5. This valuation marks a premium compared to its industry average Forward P/E of 16.81.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 170, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
