Bit Digital, Inc. (BTBT) Stock Drops Despite Market Gains: Important Facts to Note

In the latest trading session, Bit Digital, Inc. (BTBT) closed at $3.23, marking a -3.87% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.07% for the day. At the same time, the Dow lost 0.7%, and the tech-heavy Nasdaq gained 0.18%. Shares of the company have appreciated by 42.98% over the course of the past month, outperforming the Business Services sector's gain of 1.45%, and the S&P 500's gain of 5.71%.Analysts and investors alike will be keeping a close eye on the performance of Bit Digital, Inc. in its upcoming earnings disclosure. The company is expected to report EPS of -$0.03, down 200% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.35 million, down 12.44% from the year-ago period. 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. It is also important to note the recent changes to analyst estimates for Bit Digital, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 70% lower. Right now, Bit Digital, Inc. possesses a Zacks Rank of #3 (Hold). The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 82, this industry ranks in the top 34% of all industries, numbering over 250. 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. Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions. Should You Invest in Bit Digital, Inc. (BTBT)?Before you invest in Bit Digital, Inc. (BTBT), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)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 Weiter zum vollständigen Artikel bei Zacks