FY2024 EPS Estimates for Bit Digital Reduced by Analyst

Bit Digital, Inc. (NASDAQ:BTBT) – Northland Capmk lowered their FY2024 earnings per share (EPS) estimates for Bit Digital in a research report issued on Monday, November 18th. Northland Capmk analyst M. Grondahl now expects that the company will post earnings per share of ($0.19) for the year, down from their prior forecast of ($0.06). The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. Northland Capmk also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.02) EPS.

BTBT has been the topic of a number of other research reports. B. Riley initiated coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Tuesday.

Bit Digital Price Performance

Shares of BTBT opened at $4.05 on Thursday. The company’s 50-day moving average is $3.70 and its 200-day moving average is $3.27. The firm has a market capitalization of $332.41 million, a PE ratio of 67.50 and a beta of 4.79. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.74.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million.

Institutional Trading of Bit Digital

Institutional investors have recently bought and sold shares of the business. PEAK6 Investments LLC bought a new stake in shares of Bit Digital in the first quarter valued at approximately $214,000. Bank of New York Mellon Corp lifted its position in shares of Bit Digital by 51.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock valued at $1,187,000 after acquiring an additional 126,101 shares during the period. Rhumbline Advisers grew its holdings in shares of Bit Digital by 48.3% during the 2nd quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock worth $505,000 after purchasing an additional 51,695 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after purchasing an additional 4,380 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Bit Digital in the second quarter valued at about $910,000. 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.