Why Bit Digital, Inc. Dipped More Than Broader Market Today

In the latest trading session, Bit Digital, Inc. BTBT closed at $2.01, marking a -1.23% move from the previous day. This change lagged the S&P 500's daily loss of 0.34%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.33%.

The company's stock has dropped by 17.28% in the past month, falling short of the Business Services sector's loss of 6.97% and the S&P 500's loss of 4.05%.

The investment community will be paying close attention to the earnings performance of Bit Digital, Inc. in its upcoming release. 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%. Meanwhile, the latest consensus estimate predicts the revenue to be $25.61 million, indicating a 209.64% increase compared to the same quarter of the previous year.

BTBT's full-year Zacks Consensus Estimates are calling for earnings of $0.02 per share and revenue of $97.66 million. These results would represent year-over-year changes of +112.5% and +117.43%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bit Digital, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 witnessed an unchanged state. Bit Digital, Inc. presently features a Zacks Rank of #1 (Strong Buy).

Digging into valuation, Bit Digital, Inc. currently has a Forward P/E ratio of 90.44. This signifies a premium in comparison to the average Forward P/E of 23.65 for its industry.

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons of all 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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