HC Wainwright Raises Bit Digital (NASDAQ:BTBT) Price Target to $6.00

Bit Digital (NASDAQ:BTBT) had its price target 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 Price Performance

BTBT opened at $3.28 on Monday. The business’s 50-day moving average is $2.59 and its two-hundred day moving average is $2.73. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27. The firm has a market capitalization of $270.53 million, a PE ratio of 10.93 and a beta of 4.90.

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

Institutional Investors Weigh In On Bit Digital

Large investors have recently modified their holdings of the business. PEAK6 Investments LLC acquired a new stake in shares of Bit Digital during the first quarter worth about $214,000. Vident Advisory LLC lifted its holdings in shares of 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 purchasing an additional 940,161 shares during the period. Bleakley Financial Group LLC acquired a new stake in shares of Bit Digital during the first quarter worth about $33,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 165,044 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of 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 purchasing an additional 2,862,309 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

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.