Bit Digital (NASDAQ:BTBT) Research Coverage Started at B. Riley

Investment analysts at B. Riley initiated coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note issued on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. B. Riley’s target price suggests a potential upside of 55.04% from the stock’s previous close.

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

Bit Digital Trading Down 3.3 %

Shares of Bit Digital stock opened at $3.87 on Thursday. The company has a market capitalization of $319.21 million, a P/E ratio of 12.90 and a beta of 4.79. The stock has a fifty day simple moving average of $3.28 and a 200 day simple moving average of $2.97. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27.

Bit Digital (NASDAQ:BTBT) last posted its earnings results 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. The firm had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. On average, analysts predict that Bit Digital will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in 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 buying an additional 2,862,309 shares during the last quarter. Bleakley Financial Group LLC bought a new position in shares of Bit Digital during the 1st quarter valued at approximately $33,000. Squarepoint Ops LLC purchased a new stake in shares of Bit Digital during the 2nd quarter worth approximately $2,126,000. Millennium Management LLC raised its holdings in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 valued at $5,483,000 after purchasing an additional 165,044 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.