Bit Digital, Inc. (BTBT) - What Are Investment Firms Thinking About This Stock?

Key Points

• Analysts hold a “Moderate Buy” consensus on Bit Digital, with four buy ratings, one strong buy, one hold, and one sell. The average 1-year price target is $4.38.
• Bit Digital opened at $0.94 and has traded between $0.85 and $4.08 over the past year. Its latest quarter showed a larger-than-expected loss of $0.31 per share, despite revenue of $32.11 million exceeding estimates.
• Institutional investors own 47.7% of the company, with several funds recently increasing their positions or initiating new stakes.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) has received a consensus rating of "Moderate Buy" from the seven research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $4.38.

BTBT has been the topic of a number of research analyst reports. Craig Hallum reaffirmed a "buy" rating and set a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. JonesTrading upgraded Bit Digital to a "strong-buy" rating in a report on Saturday, September 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bit Digital in a research report on Thursday, August 13th. HC Wainwright assumed coverage on Bit Digital in a research note on Tuesday, September 8th. They issued a "buy" rating and a $4.00 price objective on the stock. Finally, Zacks Research raised Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th.

Bit Digital Trading Up 4.7%

BTBT opened at $0.94 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. Bit Digital has a fifty-two week low of $0.85 and a fifty-two week high of $4.08. The company's 50 day moving average price is $1.49 and its two-hundred day moving average price is $1.62. The firm has a market capitalization of $339.71 million, a price-to-earnings ratio of -0.89 and a beta of 3.84.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. As a group, research analysts predict that Bit Digital will post -0.19 earnings per share for the current year.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CI Investments Inc. lifted its position in Bit Digital by 33.6% in the 1st quarter. CI Investments Inc. now owns 69,884 shares of the company's stock valued at $92,000 after acquiring an additional 17,585 shares in the last quarter. Byrne Asset Management LLC increased its holdings in Bit Digital by 25.0% during the 2nd quarter. Byrne Asset Management LLC now owns 107,100 shares of the company's stock worth $193,000 after purchasing an additional 21,400 shares in the last quarter. AXQ Capital LP increased its holdings in Bit Digital by 60.6% during the 2nd quarter. AXQ Capital LP now owns 61,953 shares of the company's stock worth $112,000 after purchasing an additional 23,378 shares in the last quarter. Simplify Asset Management Inc. bought a new stake in Bit Digital during the 1st quarter worth approximately $31,000. Finally, Essential Partners LLC purchased a new stake in shares of Bit Digital in the first quarter worth approximately $35,000. 47.70% of the stock is owned by institutional investors.

About Bit Digital

Bit Digital, Inc is a digital asset infrastructure company that operates in cryptocurrency mining and blockchain technology services. The company's primary activities include bitcoin mining and Ethereum staking, through which it seeks to earn digital assets by contributing computing power and validating transactions on applicable blockchain networks.

Bit Digital has emphasized the use of energy-efficient and environmentally responsible infrastructure for its mining operations. Its activities have included operations and hosting arrangements in North America and Iceland, supported by third-party data center and power providers.

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