Northland Capmk Increases Earnings Estimates for Bit Digital

Key Points

• Northland Capital Markets has raised its FY2025 earnings estimate for Bit Digital to $0.01 per share, a significant improvement from a prior estimate of ($0.05).
• Bit Digital's recent quarterly earnings report indicated a revenue of $25.66 million, falling short of analysts' expectations of $27.46 million, while the company reported an EPS of ($0.03).
• Institutional investors have shown strong interest in Bit Digital, with significant purchases from firms like Balyasny Asset Management and Valiant Capital Management, contributing to 47.70% of the stock being owned by institutional investors.

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Northland Capmk raised their FY2025 earnings estimates for Bit Digital in a research note issued on Tuesday, August 19th. Northland Capmk analyst M. Grondahl now anticipates that the company will post earnings per share of $0.01 for the year, up from their prior forecast of ($0.05). The consensus estimate for Bit Digital's current full-year earnings is ($0.20) per share.

A number of other equities research analysts also recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, August 18th. Wall Street Zen upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $6.33.

Bit Digital Price Performance

Shares of BTBT stock traded down $0.01 during midday trading on Thursday, reaching $2.78. 7,252,700 shares of the company traded hands, compared to its average volume of 24,211,982. The firm's 50 day simple moving average is $2.97 and its two-hundred day simple moving average is $2.55. Bit Digital has a 1-year low of $1.69 and a 1-year high of $5.74. The firm has a market cap of $891.98 million, a PE ratio of -8.98 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The company had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million.

Insider Activity at Bit Digital

In other news, Director Brock Jeffrey Pierce bought 500,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the purchase, the director owned 500,000 shares of the company's stock, valued at approximately $1,000,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Samir Tabar bought 750,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the completion of the purchase, the chief executive officer directly owned 2,108,089 shares in the company, valued at $4,216,178. This trade represents a 55.22% increase in their position. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Walleye Trading LLC purchased a new stake in Bit Digital in the 2nd quarter worth approximately $25,000. Cerity Partners LLC purchased a new stake in Bit Digital in the 1st quarter worth approximately $25,000. Stifel Financial Corp grew its stake in Bit Digital by 31.0% in the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after acquiring an additional 3,320 shares during the period. Bank of Montreal Can purchased a new stake in Bit Digital in the 4th quarter worth approximately $43,000. Finally, Advance Capital Management Inc. purchased a new stake in Bit Digital in the 1st quarter worth approximately $31,000. 47.70% of the stock is owned by hedge funds and other 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.