Bit Digital, Inc. Stock Slides as Market Rises: Facts to Know Before You Trade

Bit Digital, Inc. BTBT closed the latest trading day at $2.86, indicating a -1.38% change from the previous session's end. This change lagged the S&P 500's daily gain of 1.61%. Meanwhile, the Dow experienced a rise of 1.39%, and the technology-dominated Nasdaq saw an increase of 2.34%.

Coming into today, shares of the company had lost 28.75% in the past month. In that same time, the Business Services sector lost 1.35%, while the S&P 500 lost 2.88%.

Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on August 19, 2024. On that day, Bit Digital, Inc. is projected 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 prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.38 per share and revenue of $129.13 million, indicating changes of +337.5% and +187.49%, respectively, compared to the previous year.

Any recent changes to analyst estimates for Bit Digital, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Bit Digital, Inc. is currently sporting a Zacks Rank of #3 (Hold).

In the context of valuation, Bit Digital, Inc. is at present trading with a Forward P/E ratio of 7.57. This denotes a discount relative to the industry's average Forward P/E of 20.94.

The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 88, placing it within the top 35% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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