Noble Financial Lowers Earnings Estimates for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Stock analysts at Noble Financial lowered their FY2024 earnings per share (EPS) estimates for Bit Digital in a research note issued to investors on Tuesday, November 19th. Noble Financial analyst J. Gomes now anticipates that the company will post earnings of ($0.23) per share for the year, down from their prior estimate of ($0.02). The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. Noble Financial also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.03) EPS and FY2025 earnings at $0.19 EPS.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million.

A number of other analysts also recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Tuesday. B. Riley initiated coverage on Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Performance

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

Hedge Funds Weigh In On Bit Digital

A number of large investors have recently made changes to their positions in BTBT. PEAK6 Investments LLC bought a new stake in Bit Digital in the first quarter worth about $214,000. Bank of New York Mellon Corp grew its stake in shares of Bit Digital by 51.0% during the second quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock valued at $1,187,000 after buying an additional 126,101 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Bit Digital by 48.3% during the second quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock valued at $505,000 after buying an additional 51,695 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Bit Digital during the 2nd quarter valued at $910,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.