Q4 EPS Estimates for Bit Digital Lowered by Northland Capmk

Bit Digital, Inc. (NASDAQ:BTBT) – Analysts at Northland Capmk dropped their Q4 2024 EPS estimates for shares of Bit Digital in a report released on Wednesday, October 16th. Northland Capmk analyst M. Grondahl now expects that the company will post earnings per share of $0.00 for the quarter, down from their prior estimate of $0.01. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. Northland Capmk also issued estimates for Bit Digital’s Q1 2025 earnings at $0.00 EPS.

Separately, HC Wainwright increased their price target on shares of Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th.

Bit Digital Stock Performance

Shares of NASDAQ BTBT opened at $4.05 on Monday. The stock’s 50-day simple moving average is $3.22 and its 200-day simple moving average is $2.94. The firm has a market capitalization of $334.06 million, a PE ratio of 13.50 and a beta of 4.79. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.27.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $28.95 million for the quarter, compared to analysts’ expectations of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning acquired a new stake in shares of Bit Digital during the third quarter worth about $37,000. Bleakley Financial Group LLC purchased a new stake in Bit Digital in the first quarter valued at approximately $33,000. Thoroughbred Financial Services LLC acquired a new stake in shares of Bit Digital in the second quarter valued at approximately $38,000. Victory Capital Management Inc. grew its position in shares of Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Bit Digital in the 2nd quarter valued at $51,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.