Bit Digital FY2025 EPS Estimate Boosted by Northland Capmk

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) - Equities research analysts at Northland Capmk boosted their FY2025 earnings estimates for shares of Bit Digital in a report issued on Tuesday, August 19th. Northland Capmk analyst M. Grondahl now anticipates that the company will earn $0.01 per share for the year, up from their previous estimate of ($0.05). The consensus estimate for Bit Digital's current full-year earnings is ($0.20) per share.

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

Other analysts have also recently issued research reports about the stock. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday. 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 analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, Bit Digital has a consensus rating of "Buy" and a consensus target price of $6.33.

Bit Digital Stock Up 1.5%

Shares of BTBT stock opened at $2.76 on Thursday. The stock has a market cap of $887.15 million, a P/E ratio of -8.90 and a beta of 4.90. Bit Digital has a 52 week low of $1.69 and a 52 week high of $5.74. The company's fifty day simple moving average is $2.96 and its two-hundred day simple moving average is $2.56.

Insider Transactions at Bit Digital

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

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. purchased a new stake in Bit Digital in the 2nd quarter worth about $10,385,000. Valiant Capital Management L.P. purchased a new stake in Bit Digital in the 2nd quarter worth about $8,760,000. Vident Advisory LLC raised its position in Bit Digital by 29.0% in the 2nd quarter. Vident Advisory LLC now owns 3,723,069 shares of the company's stock worth $8,154,000 after purchasing an additional 837,074 shares during the period. Geode Capital Management LLC raised its position in Bit Digital by 24.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company's stock worth $7,853,000 after purchasing an additional 699,134 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Bit Digital in the 2nd quarter worth about $7,512,000. 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.

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