Bit Digital, Inc. (BTBT) ended the most recent trading day at $2.86, reflecting a change of -1.38% from the end of the previous session. This change lagged the S&P 500’s daily gain of 1.61%. Meanwhile, the Dow saw a gain of 1.39% and the tech-dominated Nasdaq gained 2.34%.
To date, the company’s shares had lost 28.75% over the past month. During the same period, the Business Services sector lost 1.35%, while the S&P 500 lost 2.88%.
Analysts and investors will be keeping a close eye on Bit Digital, Inc.’s performance on its upcoming earnings release. The company’s earnings report is scheduled to be released on August 19, 2024. On that day, Bit Digital, Inc. is expected to report earnings of -$0.03 per share, which would represent a year-over-year decline of 250%. Meanwhile, our latest consensus estimate is calling for revenue of $26.63 million, up 194.54% from the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.38 per share and revenue of $129.13 million, representing year-over-year changes of +337.5% and +187.49%, respectively.
Investors should also pay attention to any recent changes in analyst estimates for Bit Digital, Inc. These changes typically reflect the latest short-term business trends, which can change frequently. Therefore, positive estimate changes reflect analyst optimism about the company’s business and profitability.
Our research suggests that these estimate changes are directly related to future stock price movements. To capitalize on this, we have developed the Zacks Rank, a proprietary model that incorporates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an admirable track record of outperformance that is independently audited. #1-ranked stocks have delivered an average annual return of +25% since 1988. The Zacks Consensus Estimate for earnings per share remained stagnant within the past month. Bit Digital, Inc. currently carries a Zacks Rank of #3 (Hold).
In terms of valuation, Bit Digital, Inc. is currently trading at a Forward P/E of 7.57, which represents a discount to the industry average Forward P/E of 20.94.
The Technology Services industry is part of the Business Services sector. Currently, this industry has a Zacks Industry Rank of 88, putting it in the top 35% of over 250 industries.
The Zacks Industry Rank is ranked from best to worst based on the average Zacks Rank of the individual companies in each of these sectors. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.
For more information on all of these metrics and more, visit Zacks.com.
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Bit Digital, Inc. (BTBT): Free Stock Analysis Report
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