Bit Digital, Inc. (NASDAQ:BTBT) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Analyst sentiment is mixed: Five analysts give Bit Digital an average “Hold” rating, comprising three buys, one hold and one sell. Their average 12-month price target is $5.125.
• Shares declined 6.3% to $1.34, trading below both the 50-day and 200-day moving averages; the stock has ranged from $1.18 to $4.55 over the past year.
• Bit Digital reported a quarterly loss of $0.31 per share, substantially missing the $0.05 loss estimate, despite revenue of $32.11 million exceeding the $23.58 million consensus. The company remains unprofitable, with a negative net margin of 237.19%.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) has earned an average rating of "Hold" from the five analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $5.1250.

BTBT has been the topic of several recent research reports. Craig Hallum restated a "buy" rating and issued a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bit Digital in a report on Thursday, August 13th. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of Bit Digital in a research note on Monday, May 18th.

Bit Digital Trading Down 6.3%

BTBT opened at $1.34 on Wednesday. The firm has a 50 day simple moving average of $1.54 and a 200 day simple moving average of $1.65. Bit Digital has a fifty-two week low of $1.18 and a fifty-two week high of $4.55. The company has a market cap of $483.24 million, a price-to-earnings ratio of -1.26 and a beta of 3.97. 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 (NASDAQ:BTBT - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. On average, sell-side analysts anticipate that Bit Digital will post -0.56 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Several large investors have recently bought and sold shares of the company. Walleye Trading LLC acquired a new stake in Bit Digital in the second quarter worth $25,000. Cerity Partners LLC bought a new stake in shares of Bit Digital in the 4th quarter valued at $26,000. nVerses Capital LLC bought a new stake in shares of Bit Digital in the 4th quarter valued at $26,000. E6 Portfolios LLC bought a new stake in shares of Bit Digital in the 4th quarter valued at $28,000. Finally, Simplify Asset Management Inc. acquired a new stake in Bit Digital during the 1st quarter worth $31,000. Institutional investors own 47.70% of the company's stock.

Bit Digital Company Profile

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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