Bit Digital, Inc. (BTBT) ended the most recent trading day at $3.10, down 1.59% from the previous trading session. The stock lagged the S&P 500 which was up 0.47% for the day. The Dow, on the other hand, was up 0.13%, and the tech-heavy Nasdaq gained 0.51%.

Prior to today’s trading, the company’s shares had lost 10.77% over the past month, lagging the Business Services sector’s loss of 1.9% and the S&P 500’s loss of 4.45% in that time.

Analysts and investors will be keeping a close eye on Bit Digital, Inc.’s performance on its upcoming earnings release. On that day, Bit Digital, Inc. is expected to report earnings of -$0.03 per share, down 250% year over year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $27.84 million, up 207.91% from the year-ago period.

For the full fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.38 per share and revenue of $123.73 million, representing year-over-year changes of +337.5% and +175.45%, respectively.

Investors should also pay attention to recent changes in analyst estimates for Bit Digital, Inc. These changes demonstrate how near-term business trends are constantly changing. With this in mind, we can consider positive estimate changes a sign of optimism about the company’s business prospects.

Empirical research shows that these estimate changes are directly related to upcoming stock price movements. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and provides a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell) and has a proven, outside-audited track record of success, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there has been a 200% decline in the Zacks Consensus EPS estimate. Currently, Bit Digital, Inc. has a Zacks Rank of #4 (Sell).

In terms of valuation, Bit Digital, Inc. is currently trading at a Forward P/E of 8.22, which represents a discount to the industry average Forward P/E of 22.13.

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 80, putting it in the top 32% of all 250+ industries.

The Zacks Industry Rank is ranked from best to worst based on the average Zacks Rank of the individual companies in each of these sectors. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.

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