Bit Digital, Inc. (BTBT) closed the latest trading day at $2.86, marking a decline of 1.38% from the previous session’s close. This drop occurred despite a generally positive market day, with the S&P 500 rising 1.61%, the Dow gaining 1.39%, and the Nasdaq experiencing a 2.34% increase.
The recent stock performance for Bit Digital, Inc. has been underwhelming, with shares losing 28.75% in the past month. During that same period, the Business Services sector saw a 1.35% decline, while the S&P 500 lost 2.88%.
Investors and analysts alike are keenly focused on the upcoming earnings disclosure for Bit Digital, Inc. The company’s earnings report is scheduled to be released on August 19, 2024. Analysts project earnings of -$0.03 per share for the quarter, indicating a year-over-year decrease of 250%. However, the consensus estimate anticipates revenue of $26.63 million, representing a substantial 194.54% increase from the same period last year.
Looking at the full year, Zacks Consensus Estimates forecast earnings of $0.38 per share and revenue of $129.13 million. These figures signify year-over-year increases of 337.5% and 187.49%, respectively.
Investors should pay close attention to any recent adjustments to analyst estimates for Bit Digital, Inc. These revisions often reflect the latest short-term business trends, which can fluctuate frequently. Positive estimate revisions indicate analyst optimism about the company’s business and profitability.
The Zacks Rank, a proprietary model that integrates these estimate changes, provides a functional rating system from #1 (Strong Buy) to #5 (Strong Sell). The Zacks Rank system boasts an impressive track record of superior performance, with #1 stocks achieving an average annual return of +25% since 1988.
Over the past month, the Zacks Consensus EPS estimate for Bit Digital, Inc. has remained unchanged. Currently, the company sports a Zacks Rank of #3 (Hold).
In terms of valuation, Bit Digital, Inc. is presently trading with a Forward P/E ratio of 7.57. This signifies a discount compared to the industry’s average Forward P/E of 20.94. The Technology Services industry, which is part of the Business Services sector, currently holds a Zacks Industry Rank of 88. This places it within the top 35% of over 250 industries. The Zacks Industry Rank is ordered from best to worst based on the average Zacks Rank of the individual companies within each sector. Our research suggests that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
