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

HC Wainwright reiterated their buy rating on shares of Bit Digital (NASDAQ:BTBTFree Report) in a report issued on Friday, Benzinga reports. The firm currently has a $5.00 price target on the stock. HC Wainwright also issued estimates for Bit Digital’s Q2 2024 earnings at $0.08 EPS and Q3 2024 earnings at $0.01 EPS.

Separately, Northland Securities began coverage on shares of Bit Digital in a report on Tuesday, February 13th. They issued an outperform rating and a $6.00 price target on the stock.

Check Out Our Latest Report on BTBT

Bit Digital Trading Up 21.7 %

Shares of BTBT stock opened at $2.64 on Friday. The stock has a market capitalization of $217.75 million, a P/E ratio of 8.80 and a beta of 4.85. The firm’s 50 day moving average is $2.26 and its 200 day moving average is $2.68. Bit Digital has a 12 month low of $1.76 and a 12 month high of $5.27.

Bit Digital (NASDAQ:BTBTGet Free Report) last posted its earnings results on Monday, March 18th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.04. Bit Digital had a net margin of 57.44% and a return on equity of 0.40%. The business had revenue of $16.05 million for the quarter, compared to analysts’ expectations of $12.06 million. On average, equities analysts predict that Bit Digital will post 0.02 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of BTBT. Simplicity Wealth LLC bought a new stake in shares of Bit Digital during the 1st quarter valued at about $33,000. Bleakley Financial Group LLC bought a new stake in shares of Bit Digital during the 1st quarter valued at about $33,000. HBW Advisory Services LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at about $42,000. Merit Financial Group LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at about $42,000. Finally, Gladstone Institutional Advisory LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

(Get Free Report)

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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