Why the Market Dipped But Bit Digital, Inc. (BTBT) Gained Today

The latest trading session saw Bit Digital, Inc. (BTBT) ending at $3.18, denoting a +0.95% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.76%. Meanwhile, the Dow lost 0.28%, and the Nasdaq, a tech-heavy index, lost 1.2%.Prior to today's trading, shares of the company had lost 14.63% over the past month. This has lagged the Business Services sector's gain of 6.39% and the S&P 500's gain of 2.71% in that time.Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. On that day, Bit Digital, Inc. is projected to report earnings of -$0.04 per share, which would represent a year-over-year decline of 100%. Alongside, our most recent consensus estimate is anticipating revenue of $24.74 million, indicating a 54.12% upward movement from the same quarter last year.Investors should also take note of any recent adjustments to analyst estimates for Bit Digital, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Bit Digital, Inc. is currently a Zacks Rank #2 (Buy).Valuation is also important, so investors should note that Bit Digital, Inc. has a Forward P/E ratio of 90 right now. This signifies a premium in comparison to the average Forward P/E of 23.51 for its industry.The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 87, which puts it in the top 35% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks