Bit Digital, Inc. (BTBT) Declines More Than Market: Some Information for Investors

Bit Digital, Inc. (BTBT) closed at $2 in the latest trading session, marking a -0.74% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.23%. Elsewhere, the Dow saw a downswing of 0.91%, while the tech-heavy Nasdaq appreciated by 0.1%.Shares of the company witnessed a loss of 20.67% over the previous month, trailing the performance of the Business Services sector with its loss of 10.29% and the S&P 500's loss of 12.13%.The investment community will be paying close attention to the earnings performance of Bit Digital, Inc. in its upcoming release. The company is expected to report EPS of -$0.06, down 300% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $24.18 million, indicating a 20.16% downward movement from the same quarter last year.In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.02 per share and a revenue of $157.96 million, indicating changes of +92.86% and +46.19%, respectively, from the former year.Investors should also pay attention to any latest changes in analyst estimates for Bit Digital, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 153.85% fall in the Zacks Consensus EPS estimate. As of now, Bit Digital, Inc. holds a Zacks Rank of #3 (Hold).The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 60, putting it in the top 25% of all 250+ industries.The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bit Digital, Inc. (BTBT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks