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

HC Wainwright reissued their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a research report report published on Monday,Benzinga reports. HC Wainwright currently has a $7.00 price objective 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 target price for the company.

Bit Digital Price Performance

Shares of BTBT opened at $1.76 on Monday. The company has a market cap of $321.65 million, a PE ratio of 29.33 and a beta of 6.05. The firm has a 50-day moving average of $2.29 and a 200-day moving average of $3.25. Bit Digital has a one year low of $1.69 and a one year high of $5.74.

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

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently bought and sold shares of the business. OLD Mission Capital LLC acquired a new position in shares of Bit Digital during the 4th quarter worth approximately $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital in the third quarter valued at approximately $38,000. Cibc World Markets Corp acquired a new stake in Bit Digital during the fourth quarter worth approximately $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the 4th quarter worth $37,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Bit Digital in the 4th quarter valued at $38,000. 47.70% of the stock is 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.