Bit Digital (NASDAQ:BTBT) PT Raised to $6.00

Bit Digital (NASDAQ:BTBT) had its target price upped by HC Wainwright from $5.00 to $6.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.01) EPS.

Bit Digital Stock Up 1.2 %

BTBT stock opened at $3.28 on Monday. The business has a 50 day moving average price of $2.59 and a 200 day moving average price of $2.73. The stock has a market cap of $270.53 million, a price-to-earnings ratio of 10.93 and a beta of 4.90. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.27.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $30.29 million during the quarter, compared to analysts’ expectations of $25.61 million. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. As a group, sell-side analysts anticipate that Bit Digital will post 0.03 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in Bit Digital by 3,163.5% during the third quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock worth $12,115,000 after buying an additional 5,487,615 shares during the period. Van ECK Associates Corp increased its position in Bit Digital by 133.9% during the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after buying an additional 2,862,309 shares during the period. Vident Advisory LLC increased its position in Bit Digital by 79.6% during the first quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after buying an additional 940,161 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Bit Digital by 9.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock worth $5,483,000 after buying an additional 165,044 shares during the period. Finally, Exchange Traded Concepts LLC increased its position in Bit Digital by 21.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock worth $4,490,000 after buying an additional 185,560 shares during the period. Institutional investors and hedge funds 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.