Bit Digital, Inc. (NASDAQ:BTBT) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Bit Digital has a consensus analyst rating of “Hold” from five brokerages, with two sell ratings and three buy ratings. The average 12-month price target is $5.125.
• The stock last traded at $1.69, giving the company a market cap of about $588.39 million. Shares have been volatile, with a 52-week range of $1.25 to $4.55.
• In its latest quarterly report, Bit Digital posted EPS of -$0.45, missing analyst expectations, though revenue of $27.92 million came in above estimates. Analysts currently expect the company to report -$0.55 EPS for the full fiscal year.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) have earned a consensus rating of "Hold" from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $5.1250.

A number of analysts have commented on BTBT shares. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Thursday, April 2nd. Zacks Research downgraded Bit Digital from a "hold" rating to a "strong sell" rating in a research report on Monday, April 6th. Weiss Ratings cut Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a report on Monday, May 18th. Craig Hallum reiterated a "buy" rating and set a $3.50 price target on shares of Bit Digital in a report on Tuesday. Finally, B. Riley Financial reissued a "buy" rating on shares of Bit Digital in a report on Monday, May 18th.

Bit Digital Stock Performance

NASDAQ BTBT traded up $0.04 during mid-day trading on Tuesday, reaching $1.69. 11,941,015 shares of the stock were exchanged, compared to its average volume of 25,158,072. The company has a market capitalization of $588.39 million, a P/E ratio of -2.49 and a beta of 4.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. The business's 50 day moving average is $1.88 and its 200-day moving average is $1.81. Bit Digital has a 1 year low of $1.25 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million during the quarter, compared to analysts' expectations of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. On average, equities research analysts forecast that Bit Digital will post -0.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Walleye Trading LLC acquired a new stake in shares of Bit Digital during the second quarter valued at about $25,000. Cerity Partners LLC acquired a new stake in Bit Digital in the 4th quarter valued at approximately $26,000. nVerses Capital LLC purchased a new stake in Bit Digital in the fourth quarter valued at approximately $26,000. Marathon Capital Management acquired a new position in Bit Digital during the fourth quarter worth $28,000. Finally, E6 Portfolios LLC purchased a new position in shares of Bit Digital during the fourth quarter worth $28,000. 47.70% of the stock is currently owned by hedge funds and other 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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