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

Key Points

• HC Wainwright reaffirmed its Buy rating on Bit Digital and set a $4.00 price target, implying 143.9% potential upside from the stock’s $1.64 opening price.
• Analyst sentiment is mixed: three analysts rate Bit Digital Buy, one rates it Hold, and one rates it Sell. The overall consensus is Hold, with an average price target of $4.38.
• Bit Digital missed quarterly earnings expectations, reporting a loss of $0.31 per share versus the expected $0.05 loss, despite revenue of $32.11 million exceeding estimates. Institutional investors own 47.7% of the company and several recently increased their stakes.

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $4.00 price target on the stock. HC Wainwright's target price suggests a potential upside of 143.90% from the stock's current price.

Other analysts have also issued reports about the stock. Craig Hallum reissued a "buy" rating and issued a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. B. Riley Financial reiterated a "buy" rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Bit Digital in a report on Thursday, August 13th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Bit Digital presently has an average rating of "Hold" and an average price target of $4.38.

Bit Digital Stock Performance

BTBT stock opened at $1.64 on Tuesday. The firm has a fifty day moving average price of $1.51 and a 200 day moving average price of $1.65. Bit Digital has a fifty-two week low of $1.18 and a fifty-two week high of $4.55. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market cap of $591.43 million, a PE ratio of -1.55 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. The company had revenue of $32.11 million for the quarter, compared to analysts' expectations of $23.58 million. Sell-side analysts anticipate that Bit Digital will post -0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its position in Bit Digital by 109.6% during the 2nd quarter. California State Teachers Retirement System now owns 623,506 shares of the company's stock valued at $1,122,000 after purchasing an additional 325,990 shares during the period. AXQ Capital LP boosted its stake in shares of Bit Digital by 60.6% during the second quarter. AXQ Capital LP now owns 61,953 shares of the company's stock valued at $112,000 after purchasing an additional 23,378 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Bit Digital by 24.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company's stock valued at $449,000 after buying an additional 48,930 shares during the period. Byrne Asset Management LLC lifted its holdings in Bit Digital by 25.0% during the second quarter. Byrne Asset Management LLC now owns 107,100 shares of the company's stock worth $193,000 after buying an additional 21,400 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Bit Digital by 4,576.3% during the 1st quarter. NewEdge Advisors LLC now owns 28,058 shares of the company's stock worth $37,000 after purchasing an additional 27,458 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Company Profile

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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