Bit Digital, Inc. (BTBT) Stock Declines While Market Improves: Some Information for Investors
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Bit Digital, Inc. (BTBT) ended the recent trading session at $3.15, demonstrating a -2.48% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.4%. Elsewhere, the Dow saw an upswing of 0.47%, while the tech-heavy Nasdaq appreciated by 0.24%. Shares of the company have appreciated by 62.31% over the course of the past month, outperforming the Business Services sector's loss of 0.55%, and the S&P 500's gain of 4.61%.Investors will be eagerly watching for the performance of Bit Digital, Inc. in its upcoming earnings disclosure. 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 200%. Meanwhile, the latest consensus estimate predicts the revenue to be $25.35 million, indicating a 12.44% decrease compared to the same quarter of the previous year. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.31 per share and a revenue of $121.9 million, representing changes of -10.71% and +12.82%, respectively, from the prior 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. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability. Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 70% lower. 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 85, putting it in the top 35% of all 250+ industries. The Zacks Industry Rank gauges the strength of our 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. To follow BTBT in the coming trading sessions, be sure to utilize Zacks.com. #1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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