Bit Digital, Inc. (NASDAQ:BTBT – Free Report) – Stock analysts at HC Wainwright reduced their Q3 2024 earnings per share estimates for shares of Bit Digital in a research report issued on Wednesday, October 16th. HC Wainwright analyst K. Dede now forecasts that the company will earn ($0.04) per share for the quarter, down from their prior estimate of $0.01. HC Wainwright currently has a “Buy” rating and a $7.00 target price on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.05) EPS, FY2024 earnings at ($0.10) EPS and FY2025 earnings at ($0.21) EPS.
Bit Digital (NASDAQ:BTBT – Get Free Report) last released 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 business had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%.
Bit Digital Price Performance
Institutional Investors Weigh In On Bit Digital
Several hedge funds have recently made changes to their positions in BTBT. Nomura Holdings Inc. acquired a new stake in Bit Digital during the 4th quarter valued at $1,583,000. Van ECK Associates Corp lifted its stake in Bit Digital by 133.9% in the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after acquiring an additional 2,862,309 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Bit Digital by 9.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock worth $5,483,000 after acquiring an additional 165,044 shares during the period. Bleakley Financial Group LLC acquired a new stake in Bit Digital during the 1st quarter worth about $33,000. Finally, Vident Advisory LLC grew its stake in Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after acquiring an additional 940,161 shares in the last quarter. Hedge funds and other institutional investors 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.
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