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Has Bit Digital (BTBT) Outpaced Other Business Services Stocks This Year?

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Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Bit Digital, Inc. (BTBT - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

Bit Digital, Inc. is a member of our Business Services group, which includes 329 different companies and currently sits at #11 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Bit Digital, Inc. is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for BTBT's full-year earnings has moved 61.5% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Our latest available data shows that BTBT has returned about 338.3% since the start of the calendar year. At the same time, Business Services stocks have gained an average of 7.3%. This means that Bit Digital, Inc. is performing better than its sector in terms of year-to-date returns.

UiPath (PATH - Free Report) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 16.6%.

Over the past three months, UiPath's consensus EPS estimate for the current year has increased 14.6%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Bit Digital, Inc. belongs to the Technology Services industry, which includes 187 individual stocks and currently sits at #100 in the Zacks Industry Rank. On average, this group has gained an average of 13.1% so far this year, meaning that BTBT is performing better in terms of year-to-date returns. UiPath is also part of the same industry.

Bit Digital, Inc. and UiPath could continue their solid performance, so investors interested in Business Services stocks should continue to pay close attention to these stocks.

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