Bit Digital (NASDAQ:BTBT) Upgraded at B. Riley

Bit Digital (NASDAQ:BTBT) was upgraded by equities researchers at B. Riley to a “strong-buy” rating in a report issued on Wednesday, Zacks.com reports.

Separately, HC Wainwright lifted their price target on Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, October 16th.

Bit Digital Stock Performance

Bit Digital stock opened at $3.99 on Wednesday. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27. The firm has a market cap of $329.11 million, a PE ratio of 13.33 and a beta of 4.79. The firm’s 50 day moving average price is $3.30 and its two-hundred day moving average price is $2.98.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The business had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.63 million. Equities analysts anticipate that Bit Digital will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently bought and sold shares of BTBT. Vima LLC boosted its stake in shares of Bit Digital by 26.5% during the 3rd quarter. Vima LLC now owns 89,469 shares of the company’s stock worth $314,000 after acquiring an additional 18,748 shares in the last quarter. Creative Planning acquired a new position in Bit Digital during the third quarter valued at approximately $37,000. SG Americas Securities LLC raised its position in shares of Bit Digital by 96.3% in the third quarter. SG Americas Securities LLC now owns 41,609 shares of the company’s stock valued at $146,000 after purchasing an additional 20,413 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Bit Digital by 42.4% in the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock worth $141,000 after buying an additional 13,170 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after buying an additional 1,033,767 shares during the period. 47.70% of the stock is owned by institutional investors and hedge funds.

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.