Bit Digital, Inc. (BTBT) Laps the Stock Market: Here's Why

Bit Digital, Inc. (BTBT) ended the recent trading session at $2.45, demonstrating a +1.66% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.01%. Meanwhile, the Dow lost 0.43%, and the Nasdaq, a tech-heavy index, added 0.26%.Shares of the company have depreciated by 19.13% over the course of the past month, underperforming the Business Services sector's gain of 3.38% and the S&P 500's loss of 2.26%.The upcoming earnings release of Bit Digital, Inc. will be of great interest to investors. In that report, analysts expect Bit Digital, Inc. to post earnings of -$0.04 per share. This would mark a year-over-year decline of 100%. Meanwhile, the latest consensus estimate predicts the revenue to be $24.81 million, indicating a 54.59% increase compared to the same quarter of the previous 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. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.14% lower within the past month. As of now, Bit Digital, Inc. holds a Zacks Rank of #4 (Sell).Looking at its valuation, Bit Digital, Inc. is holding a Forward P/E ratio of 74.15. This denotes a premium relative to the industry's average Forward P/E of 22.3.The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 70, this industry ranks in the top 28% of all industries, numbering over 250.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