Bit Digital (NASDAQ:BTBT) Earns "Buy" Rating from HC Wainwright

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 197.87% from the stock's previous close.

Bit Digital Stock Down 3.7%

Shares of BTBT opened at $2.35 on Thursday. The company has a 50 day moving average of $2.29 and a 200-day moving average of $2.69. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The stock has a market capitalization of $490.05 million, a P/E ratio of -5.00 and a beta of 5.36.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The firm had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million. On average, sell-side analysts anticipate that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Uniplan Investment Counsel Inc. boosted its holdings in Bit Digital by 203.8% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after purchasing an additional 730,766 shares during the period. Millennium Management LLC boosted its stake in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock valued at $4,721,000 after buying an additional 899,967 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock valued at $4,306,000 after acquiring an additional 273,480 shares during the last quarter. AQR Capital Management LLC raised its stake in Bit Digital by 815.3% during the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company's stock worth $409,000 after acquiring an additional 180,509 shares in the last quarter. Finally, OLD Mission Capital LLC lifted its holdings in shares of Bit Digital by 112.6% in the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company's stock worth $45,000 after acquiring an additional 11,812 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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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