Here's Why Bit Digital, Inc. (BTBT) Fell More Than Broader Market

In the latest close session, Bit Digital, Inc. (BTBT) was down 1.59% at $3.09. The stock's change was less than the S&P 500's daily loss of 0.55%. Meanwhile, the Dow lost 0.19%, and the Nasdaq, a tech-heavy index, lost 0.95%. Shares of the company witnessed a gain of 12.95% over the previous month, beating the performance of the Business Services sector with its gain of 0.72%, and the S&P 500's gain of 3.64%.The investment community will be paying close attention to the earnings performance of Bit Digital, Inc. in its upcoming release. It is anticipated that the company will report an EPS of $0, marking a 100% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $30.82 million, up 35.69% from the prior-year quarter. For the full year, the Zacks Consensus Estimates project earnings of -$0.2 per share and a revenue of $117.02 million, demonstrating changes of +28.57% and +8.3%, respectively, from the preceding year. Investors should also note any recent changes to analyst estimates for Bit Digital, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Bit Digital, Inc. is currently sporting a Zacks Rank of #3 (Hold). The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 37% 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. Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. 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