FY2024 EPS Estimates for Bit Digital Cut by HC Wainwright

Bit Digital, Inc. (NASDAQ:BTBT) – Equities researchers at HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for shares of Bit Digital in a report released on Tuesday, November 19th. HC Wainwright analyst K. Dede now anticipates that the company will post earnings per share of ($0.25) for the year, down from their previous estimate of ($0.10). HC Wainwright has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.07) EPS and FY2025 earnings at ($0.28) EPS.

Separately, B. Riley initiated coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 target price for the company.

Bit Digital Stock Performance

Shares of BTBT opened at $4.00 on Thursday. The business has a 50-day moving average of $3.72 and a 200 day moving average of $3.27. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.74. The firm has a market cap of $332.41 million, a P/E ratio of 66.58 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.63 million.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC purchased a new position in shares of Bit Digital in the 3rd quarter worth about $425,000. Barclays PLC boosted its holdings in shares of Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company’s stock worth $826,000 after purchasing an additional 105,484 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after purchasing an additional 42,375 shares in the last quarter. XTX Topco Ltd boosted its holdings in shares of Bit Digital by 52.4% in the 3rd quarter. XTX Topco Ltd now owns 146,614 shares of the company’s stock worth $515,000 after purchasing an additional 50,400 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Bit Digital by 1.7% in the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after purchasing an additional 94,762 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

About Bit Digital

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.