Bit Digital (NASDAQ:BTBT) Rating Increased to Strong-Buy at B. Riley

Bit Digital (NASDAQ:BTBT) was upgraded by investment analysts at B. Riley to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports.

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

Bit Digital Stock Performance

Shares of NASDAQ BTBT opened at $4.00 on Wednesday. The company has a market cap of $329.93 million, a P/E ratio of 13.33 and a beta of 4.79. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.27. The firm’s fifty day moving average is $3.30 and its two-hundred day moving average is $2.98.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. As a group, analysts forecast that Bit Digital will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Bleakley Financial Group LLC acquired a new stake in shares of Bit Digital during the 1st quarter worth approximately $33,000. Creative Planning purchased a new position in Bit Digital in the 3rd quarter valued at $37,000. Thoroughbred Financial Services LLC acquired a new position in Bit Digital during the second quarter worth about $38,000. Victory Capital Management Inc. boosted its holdings 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 purchasing an additional 4,380 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in Bit Digital in the 2nd quarter valued at $51,000. 47.70% of the stock is currently owned by hedge funds and other 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.