Bit Digital (NASDAQ:BTBT) PT Raised to $6.00

Bit Digital (NASDAQ:BTBT) had its price objective increased by HC Wainwright from $5.00 to $6.00 in a report issued 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 Stock Performance

Shares of NASDAQ BTBT opened at $3.28 on Monday. The stock has a market cap of $270.53 million, a price-to-earnings ratio of 10.93 and a beta of 4.90. The business has a 50 day simple moving average of $2.61 and a 200 day simple moving average of $2.73. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.27.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Wednesday, May 15th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $30.29 million during the quarter, compared to analysts’ expectations of $25.61 million. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. On average, analysts predict that Bit Digital will post 0.03 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

Hedge funds have recently modified their holdings of the business. HBW Advisory Services LLC bought a new stake in shares of Bit Digital in the fourth quarter valued at approximately $42,000. Gladstone Institutional Advisory LLC acquired a new position in shares of Bit Digital in the fourth quarter valued at $42,000. Merit Financial Group LLC acquired a new position in shares of Bit Digital in the fourth quarter valued at $42,000. Simplicity Wealth LLC acquired a new position in shares of Bit Digital in the first quarter valued at $33,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of Bit Digital in the first quarter valued at $33,000. 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.