Bit Digital's (BTBT) "Buy" Rating Reiterated at HC Wainwright

Key Points

• Bit Digital's stock (NASDAQ:BTBT) received a "buy" rating from HC Wainwright, which has set a target price of $7.00, indicating a potential upside of 132.56% from its previous closing price.
• Despite the positive outlook from HC Wainwright, Bit Digital shares recently opened at $3.01, experiencing a 5.6% drop.
• Corporate insiders, including CEO Samir Tabar, have increased their ownership in the company, with Tabar purchasing 750,000 shares at an average cost of $2.00 per share.

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright's price objective points to a potential upside of 132.56% from the stock's previous close.

Separately, Wall Street Zen raised Bit Digital from a "strong sell" rating to a "hold" rating in a report on Saturday.

Bit Digital Trading Down 5.6%

Shares of NASDAQ:BTBT opened at $3.01 on Monday. Bit Digital has a 12-month low of $1.69 and a 12-month high of $5.74. The company has a market capitalization of $963.08 million, a PE ratio of -9.71 and a beta of 4.90. The business has a 50 day moving average of $2.95 and a two-hundred day moving average of $2.56.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.03). Bit Digital had a negative return on equity of 11.39% and a negative net margin of 52.86%. The company had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. Equities research analysts predict that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Bit Digital

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

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in shares of Bit Digital during the second quarter valued at approximately $56,000. Tower Research Capital LLC TRC raised its stake in Bit Digital by 596.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 25,303 shares of the company's stock valued at $55,000 after purchasing an additional 21,670 shares during the last quarter. Conversant Capital LLC acquired a new position in Bit Digital in the 2nd quarter valued at $4,982,000. Vident Advisory LLC raised 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 valued at $8,154,000 after purchasing an additional 837,074 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in Bit Digital in the 2nd quarter valued at $71,000. Institutional investors and hedge funds own 47.70% of the company's stock.

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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