Bit Digital (NASDAQ:BTBT) Stock Price Target Cut by HC Wainwright

Key Points

• HC Wainwright cut its Bit Digital price target from $4.00 to $3.50 but maintained a Buy rating; the revised target implies 336.95% upside from the prior close, according to the report.
• Analyst views are mixed, though the consensus rating is Moderate Buy with an average price target of $4.25; ratings range from Strong Buy to Sell.
• Bit Digital reported quarterly EPS of $0.08, beating the $0.05 loss analysts expected, but revenue of $27.07 million came in below the $32.21 million consensus estimate.

Bit Digital (NASDAQ:BTBT - Get Free Report) had its target price dropped by HC Wainwright from $4.00 to $3.50 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price objective indicates a potential upside of 336.95% from the company's previous close.

A number of other brokerages have also issued reports on BTBT. JonesTrading raised Bit Digital to a "strong-buy" rating in a research report on Saturday, September 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Bit Digital in a research note on Wednesday. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. Finally, UBS Group upgraded Bit Digital to a "buy" rating in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Bit Digital presently has an average rating of "Moderate Buy" and an average target price of $4.25.

Bit Digital Stock Up 0.8%

Shares of NASDAQ BTBT traded up $0.01 during trading on Thursday, reaching $0.80. 8,267,154 shares of the stock were exchanged, compared to its average volume of 25,762,951. The company has a market capitalization of $288.87 million, a price-to-earnings ratio of -0.76 and a beta of 3.54. The business's 50-day moving average price is $1.28 and its 200 day moving average price is $1.57. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.69. Bit Digital has a twelve month low of $0.69 and a twelve month high of $2.79.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.13. The firm had revenue of $27.07 million for the quarter, compared to the consensus estimate of $32.21 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. As a group, equities analysts forecast that Bit Digital will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently modified their holdings of BTBT. Essential Partners LLC bought a new stake in Bit Digital in the first quarter valued at about $35,000. NewEdge Advisors LLC raised its position 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 valued at $37,000 after acquiring an additional 27,458 shares in the last quarter. Global Retirement Partners LLC lifted its stake in Bit Digital by 2,339.8% during the third quarter. Global Retirement Partners LLC now owns 30,253 shares of the company's stock worth $49,000 after purchasing an additional 29,013 shares during the last quarter. SummitTX Capital L.P. bought a new position in Bit Digital during the first quarter worth $42,000. Finally, WINTON GROUP Ltd bought a new position in Bit Digital during the second quarter worth $76,000. Institutional investors own 47.70% of the company's stock.

About Bit Digital

Bit Digital, Inc. is a digital-asset and infrastructure company whose activities include Bitcoin mining, Ethereum staking and computing services for artificial intelligence workloads. Its operations have expanded beyond cryptocurrency mining as it develops data-center capacity and related infrastructure for high-performance computing. The company has conducted Bitcoin mining operations in North America and participates in Ethereum staking, which involves supporting the network and earning rewards for validating transactions.

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