FY2024 EPS Estimates for Bit Digital, Inc. Cut by Northland Capmk (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) – Investment analysts at Northland Capmk lowered their FY2024 EPS estimates for Bit Digital in a research note issued on Monday, July 8th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings per share of ($0.07) for the year, down from their prior forecast of ($0.06). The consensus estimate for Bit Digital’s current full-year earnings is $0.02 per share.

Separately, HC Wainwright lifted their price target on Bit Digital from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Monday, July 1st.

Bit Digital Stock Up 5.4 %

NASDAQ BTBT opened at $3.53 on Wednesday. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.27. The business has a 50 day moving average price of $2.75 and a 200-day moving average price of $2.73. The company has a market cap of $291.15 million, a price-to-earnings ratio of 11.77 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $30.29 million for the quarter, compared to analyst estimates of $25.61 million. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of BTBT. PEAK6 Investments LLC bought a new stake in shares of Bit Digital during the 1st quarter valued at $214,000. Vident Advisory LLC grew its holdings 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 buying an additional 940,161 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in shares of Bit Digital during the first quarter valued at about $33,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bit Digital by 9.5% in 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 in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after acquiring an additional 2,862,309 shares during the period. 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.