Bit Digital (NASDAQ:BTBT) Given "Buy" Rating at HC Wainwright

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright's price target would suggest a potential upside of 232.54% from the company's current price.

Separately, Craig Hallum started coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price objective for the company.

Bit Digital Price Performance

Shares of BTBT traded up $0.07 during mid-day trading on Monday, reaching $2.11. 9,797,487 shares of the company's stock traded hands, compared to its average volume of 13,428,886. The stock's 50-day moving average is $2.22 and its two-hundred day moving average is $3.22. Bit Digital has a 12 month low of $1.69 and a 12 month high of $5.74. The stock has a market cap of $384.71 million, a P/E ratio of 35.08 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The business had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same period last year, the company earned ($0.16) EPS. Research analysts predict that Bit Digital will post -0.2 earnings per share for the current year.

Institutional Trading of Bit Digital

Several institutional investors and hedge funds have recently made changes to their positions in BTBT. HBK Sorce Advisory LLC purchased a new position in Bit Digital during the 1st quarter valued at about $49,000. Byrne Asset Management LLC increased its holdings in Bit Digital by 207.7% during the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after buying an additional 11,838 shares during the period. Farther Finance Advisors LLC raised its stake in Bit Digital by 48.7% in the first quarter. Farther Finance Advisors LLC now owns 36,596 shares of the company's stock worth $78,000 after buying an additional 11,983 shares in the last quarter. Advance Capital Management Inc. purchased a new stake in Bit Digital during the first quarter worth $31,000. Finally, Two Seas Capital LP boosted its position in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock valued at $1,941,000 after acquiring an additional 250,000 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.