Bit Digital’s (BTBT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a research report released on Monday,Benzinga reports. HC Wainwright currently has a $7.00 price target on the stock.

Separately, Craig Hallum began coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price objective for the company.

Bit Digital Stock Performance

NASDAQ:BTBT opened at $2.41 on Monday. The company has a 50-day moving average of $2.99 and a 200-day moving average of $3.45. The company has a market capitalization of $369.96 million, a price-to-earnings ratio of 40.17 and a beta of 5.13. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The business had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period in the previous year, the business posted ($0.16) earnings per share. Sell-side analysts forecast that Bit Digital will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Institutional investors have recently added to or reduced their stakes in the company. OLD Mission Capital LLC bought a new position in Bit Digital during the 4th quarter valued at about $31,000. Stifel Financial Corp bought a new position in Bit Digital during the 3rd quarter valued at about $38,000. Cibc World Markets Corp bought a new position in Bit Digital during the 4th quarter valued at about $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the 4th quarter valued at about $37,000. Finally, Orion Portfolio Solutions LLC bought a new position in Bit Digital during the 4th quarter valued at about $38,000. 47.70% of the stock is owned by 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.