B. Riley Predicts Bit Digital’s Q3 Earnings (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) – B. Riley issued their Q3 2024 earnings per share estimates for Bit Digital in a report released on Wednesday, October 23rd. B. Riley analyst N. Giles anticipates that the company will post earnings per share of ($0.04) for the quarter. B. Riley currently has a “Strong-Buy” rating on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. B. Riley also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.05) EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.12 EPS, FY2025 earnings at $0.24 EPS, Q1 2026 earnings at $0.13 EPS, Q2 2026 earnings at $0.13 EPS, Q3 2026 earnings at $0.12 EPS and FY2026 earnings at $0.50 EPS.

Separately, HC Wainwright raised their price objective on 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

BTBT stock opened at $3.93 on Monday. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27. The stock has a 50-day simple moving average of $3.32 and a 200-day simple moving average of $3.00. The firm has a market cap of $324.16 million, a P/E ratio of 13.10 and a beta of 4.79.

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

Institutional Investors Weigh In On Bit Digital

Hedge funds have recently bought and sold shares of the business. Bleakley Financial Group LLC acquired a new stake in Bit Digital during the 1st quarter valued at approximately $33,000. Creative Planning bought a new position in Bit Digital during the 3rd quarter worth approximately $37,000. Thoroughbred Financial Services LLC bought a new position in Bit Digital during the 2nd quarter worth approximately $38,000. Victory Capital Management Inc. lifted its holdings in Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the last quarter. Finally, Sei Investments Co. bought a new position in Bit Digital during the 2nd quarter worth approximately $51,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.