Bit Digital (NASDAQ:BTBT) Earns Buy Rating from HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating restated by HC Wainwright in a note issued to investors on Monday,Benzinga reports. They presently have a $7.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 186.89% from the company’s previous close.

Separately, Craig Hallum started 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 Stock Up 7.5 %

Shares of BTBT opened at $2.44 on Monday. The stock’s fifty day simple moving average is $3.02 and its 200-day simple moving average is $3.45. The firm has a market capitalization of $374.56 million, a PE ratio of 40.67 and a beta of 5.13. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $25.06 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. Analysts anticipate that Bit Digital will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BTBT. OLD Mission Capital LLC bought a new stake in shares of Bit Digital in the 4th quarter valued at $31,000. Stifel Financial Corp acquired a new stake in shares of Bit Digital during the third quarter worth about $38,000. Cibc World Markets Corp bought a new position in shares of Bit Digital during the 4th quarter valued at about $33,000. Wedbush Securities Inc. acquired a new position in shares of Bit Digital in the 4th quarter valued at approximately $37,000. Finally, Orion Portfolio Solutions LLC bought a new stake in Bit Digital during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.