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Sept 5 (Reuters) - Bit Digital Inc BTBT.O:
BIT DIGITAL, INC. ANNOUNCES MONTHLY PRODUCTION UPDATE FOR AUGUST 2024
BIT DIGITAL- HAD 256 SERVERS ACTIVELY GENERATING REVENUE FROM INITIAL BIT DIGITAL AI CONTRACT, AS OF AUG 31
Source text for Eikon: (Full Story)
Further company coverage: BTBT.O
U.S. stock futures were mixed this morning, with the Nasdaq futures gaining around 0.1% on Wednesday.
Shares of PVH Corp. fell sharply in today's pre-market trading after the company guided a third-quarter revenue decline and issued EPS estimates below estimates.
PVH reported quarterly earnings of $3.01 per share, which beat the analyst consensus estimate of $2.29 by 31.44%. Quarterly sales came in at $2.074 billion which beat the analyst consensus estimate and is a 6.03% decrease from the same period last year.
PVH expects third-quarter revenue to decrease by 6% to 7% and sees earnings of approximately $2.50 per share versus the $3.12 estimate. The company reaffirmed the fiscal year 2024 revenue decrease of 6% to 7% and raised its earnings outlook from between $11.00 and $11.25 per share to between $11.55 and $11.80 per share versus the estimate of $11.31.
PVH shares dipped 8.1% to $95.97 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Bit Digital, Inc. .
Bit Digital currently has an average brokerage recommendation of 1.13, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by four brokerage firms. An ABR of 1.13 approximates between Strong Buy and Buy.
Of the four recommendations that derive the current ABR, three are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 75% and 25% of all recommendations.
Brokerage Recommendation Trends for BTBT
While the ABR calls for buying Bit Digital, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Should You Invest in BTBT?
In terms of earnings estimate revisions for Bit Digital, the Zacks Consensus Estimate for the current year has declined 40% over the past month to $0.32.
Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #5 (Strong Sell) for Bit Digital. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, it could be wise to take the Buy-equivalent ABR for Bit Digital with a grain of salt.
Zacks Investment Research
Bit Digital, Inc. is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this company have returned +7.4% over the past month versus the Zacks S&P 500 composite's +0.3% change. The Zacks Technology Services industry, to which Bit Digital belongs, has lost 2.8% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Bit Digital is expected to post earnings of $0.01 per share for the current quarter, representing a year-over-year change of +133.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -33.3%.
The consensus earnings estimate of $0.39 for the current fiscal year indicates a year-over-year change of +343.8%. This estimate has changed +20% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $0.22 indicates a change of -42.7% from what Bit Digital is expected to report a year ago. Over the past month, the estimate has changed -1.5%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Bit Digital is rated Zacks Rank #5 (Strong Sell).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue Growth
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Bit Digital, the consensus sales estimate of $29.56 million for the current quarter points to a year-over-year change of +155.7%. The $127.58 million and $154.15 million estimates for the current and next fiscal years indicate changes of +184% and +20.8%, respectively.
Last Reported Results and Surprise History
Bit Digital reported revenues of $28.95 million in the last reported quarter, representing a year-over-year change of +220.2%. EPS of -$0.01 for the same period compares with $0.02 a year ago.
Compared to the Zacks Consensus Estimate of $26.63 million, the reported revenues represent a surprise of +8.73%. The EPS surprise was +66.67%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Bit Digital is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Bit Digital. However, its Zacks Rank #5 does suggest that it may underperform the broader market in the near term.
Zacks Investment Research
U.S. stocks traded mostly lower toward the end of trading, with the S&P 500 falling around 0.1% on Tuesday.
The Dow traded down 0.12% to 40,849.39 while the NASDAQ fell 0.11% to 17,856.43. The S&P 500 also fell, dropping, 0.07% to 5,604.36.
Check This Out: Apple, Alphabet And 2 Other Stocks Insiders Are Selling
Leading and Lagging Sectors
Health care shares climbed by 0.4% on Tuesday.
In trading on Tuesday, energy shares fell by 2.4%.
Top Headline
Shares of Palo Alto Networks, Inc. gained around 9% on Tuesday after the company reported better-than-expected results for its fourth quarter and issued strong guidance.
Palo Alto’s board authorized an additional $500 million for share repurchases, bringing the company’s remaining buyback authorization up to $1 billion.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded down 0.7% to $73.82 while gold traded up 0.5% at $2,553.30.
Silver traded up 0.5% to $29.46 on Tuesday, while copper fell 0.8% to $4.1490.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 slipped 0.45%, Germany's DAX fell 0.35% and France's CAC 40 slipped 0.22%. Spain's IBEX 35 Index fell 0.13%, while London's FTSE 100 fell 1%.
The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index falling 0.33%, China's Shanghai Composite Index falling 0.93% and India's BSE Sensex rising 0.47%.
The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.
Economics
No major economic reports are scheduled for release today.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Bit Digital shares are trading higher Tuesday after the company posted its second-quarter financial results after Monday's closing bell.
The Details:
The company reported quarterly revenue of $29 million, beating the analyst consensus estimate of $26.09 million. The company attributed the increase to the commencement of its high-performance computing services business and a higher realized Bitcoin price.
The company highlighted its strong balance sheet and said it will allow Bit Digital to deploy growth capital into “high-return opportunities” in the future.
Read Next: Sidus Space Reports Q2 Results After 45% Gain Monday
Bit Digital also announced a new customer agreement with Boosteroid, Inc. The company expects the initial order to generate approximately $13 million with the potential for $700 million in revenue over the five-year term of the agreement.
Should I Sell My BTBT Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Bit Digital have gained 42.36% year to date. This compares to the average annual return of -37.0%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Bit Digital stock currently has an RSI of 54.62, indicating neutral conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
BTBT Price Action: According to Benzinga Pro, Bit Digital shares are up 17.7% at $3.52 at the time of publication Tuesday.
Read Also:
Image: Reto Scheiwlliier from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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