Bit Digital (NASDAQ:BTBT) Earns Buy Rating from HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 72.84% from the company’s current price.

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

Bit Digital Stock Up 0.5 %

Shares of NASDAQ:BTBT opened at $4.05 on Tuesday. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74. The stock has a market cap of $334.04 million, a price-to-earnings ratio of 67.50 and a beta of 4.79. The business has a 50-day moving average price of $3.70 and a 200-day moving average price of $3.27.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $28.95 million during 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%. As a group, equities analysts anticipate that Bit Digital will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares during the period. Vident Advisory LLC raised its holdings in shares of Bit Digital by 79.6% in the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after buying an additional 940,161 shares during the period. Van ECK Associates Corp increased its holdings in Bit Digital by 25.2% during the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after purchasing an additional 898,329 shares during the period. Squarepoint Ops LLC purchased a new stake in Bit Digital during the 2nd quarter worth about $2,126,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after purchasing an additional 530,411 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.