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Why Bit Digital, Inc. (BTBT) Outpaced the Stock Market Today
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Bit Digital, Inc. (BTBT - Free Report) closed at $2.23 in the latest trading session, marking a +0.45% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.02%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.1%.
The company's stock has dropped by 2.63% in the past month, exceeding the Business Services sector's loss of 5.08% and the S&P 500's loss of 3.01%.
Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. On that day, Bit Digital, Inc. is projected to report earnings of $0.01 per share, which would represent year-over-year growth of 133.33%. In the meantime, our current consensus estimate forecasts the revenue to be $25.61 million, indicating a 209.64% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.02 per share and a revenue of $97.66 million, signifying shifts of +112.5% and +117.43%, respectively, from the last 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. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 151.92% higher. Bit Digital, Inc. currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Bit Digital, Inc. is currently trading at a Forward P/E ratio of 98.67. This represents a premium compared to its industry's average Forward P/E of 23.22.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Why Bit Digital, Inc. (BTBT) Outpaced the Stock Market Today
Bit Digital, Inc. (BTBT - Free Report) closed at $2.23 in the latest trading session, marking a +0.45% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.02%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.1%.
The company's stock has dropped by 2.63% in the past month, exceeding the Business Services sector's loss of 5.08% and the S&P 500's loss of 3.01%.
Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. On that day, Bit Digital, Inc. is projected to report earnings of $0.01 per share, which would represent year-over-year growth of 133.33%. In the meantime, our current consensus estimate forecasts the revenue to be $25.61 million, indicating a 209.64% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.02 per share and a revenue of $97.66 million, signifying shifts of +112.5% and +117.43%, respectively, from the last 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. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 151.92% higher. Bit Digital, Inc. currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Bit Digital, Inc. is currently trading at a Forward P/E ratio of 98.67. This represents a premium compared to its industry's average Forward P/E of 23.22.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.