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

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reissued by HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 190.46% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Wall Street Zen upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Weiss Ratings restated a “sell (d)” rating on shares of Bit Digital in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.50.

Bit Digital Price Performance

BTBT stock opened at $2.41 on Monday. The company’s 50-day moving average is $3.36 and its 200-day moving average is $2.94. The stock has a market capitalization of $776.36 million, a PE ratio of 5.74 and a beta of 4.79. Bit Digital has a 1 year low of $1.69 and a 1 year high of $5.20.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $30.46 million for the quarter, compared to analyst estimates of $29.54 million. Bit Digital had a negative return on equity of 9.05% and a net margin of 127.61%. On average, analysts anticipate that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in BTBT. Vanguard Group Inc. boosted its stake in shares of Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after buying an additional 6,201,477 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Bit Digital during the second quarter valued at about $10,385,000. Valiant Capital Management L.P. purchased a new stake in Bit Digital during the second quarter worth about $8,760,000. Allspring Global Investments Holdings LLC bought a new stake in Bit Digital in the second quarter worth about $7,512,000. Finally, Invesco Ltd. boosted its stake in Bit Digital by 42.2% in the third quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock valued at $26,666,000 after acquiring an additional 2,638,003 shares during the last quarter. 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.