Bit Digital (NASDAQ:BTBT) Announces Earnings Results

Key Points

• Bit Digital reported a quarterly earnings per share (EPS) of ($0.03), aligning with analyst expectations, while its revenue fell short at $25.66 million compared to the forecast of $27.46 million.
• Following the earnings announcement, Bit Digital's stock fell 6.1%, trading at $3.00, with a significant trading volume of 22.77 million shares.
• CEO Samir Tabar and Director Brock Jeffrey Pierce made substantial purchases of Bit Digital shares, with Tabar buying 750,000 shares and Pierce acquiring 500,000 shares, indicating increased insider confidence in the company.

Bit Digital (NASDAQ:BTBT - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03), Zacks reports. The company had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. Bit Digital had a negative return on equity of 11.39% and a negative net margin of 52.86%.

Bit Digital Price Performance

NASDAQ BTBT traded down $0.11 on Tuesday, hitting $2.84. 5,184,081 shares of the stock were exchanged, compared to its average volume of 24,356,689. The business's fifty day moving average is $2.95 and its 200 day moving average is $2.56. The company has a market capitalization of $907.09 million, a PE ratio of -9.14 and a beta of 4.90. Bit Digital has a 52 week low of $1.69 and a 52 week high of $5.74.

Insider Buying and Selling

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

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nomura Holdings Inc. bought a new position in Bit Digital in the second quarter valued at about $1,736,000. Headlands Technologies LLC purchased a new stake in Bit Digital in the second quarter valued at about $56,000. Tower Research Capital LLC TRC raised its position in Bit Digital by 596.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 25,303 shares of the company's stock worth $55,000 after buying an additional 21,670 shares during the last quarter. Conversant Capital LLC purchased a new position in Bit Digital during the second quarter worth approximately $4,982,000. Finally, Vident Advisory LLC lifted its stake 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 in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BTBT has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a report on Monday. Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Saturday.

About Bit Digital

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.