Bit Digital, Inc. (NASDAQ:BTBT) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts rate Bit Digital “Hold” on average: Of five analysts, three recommend buying, one recommends holding, and one recommends selling. The average 12-month price target is $4.38.
• Institutional ownership increased: Hedge funds and other institutional investors own 47.7% of BTBT, with Tidal Investments raising its position by 186.8% during the second quarter.
• Quarterly results were mixed: Bit Digital reported revenue of $32.11 million, above expectations, but its loss of $0.31 per share substantially missed the consensus estimate of a $0.05 loss.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) have been given an average recommendation of "Hold" by the five analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $4.38.

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

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. Tidal Investments LLC increased its position in Bit Digital by 186.8% during the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company's stock valued at $3,165,000 after purchasing an additional 1,145,092 shares during the period. WINTON GROUP Ltd acquired a new position in shares of Bit Digital in the 2nd quarter worth approximately $76,000. Squarepoint Ops LLC acquired a new position in shares of Bit Digital in the 2nd quarter worth approximately $125,000. AXQ Capital LP boosted its stake in shares of Bit Digital by 60.6% in the 2nd quarter. AXQ Capital LP now owns 61,953 shares of the company's stock valued at $112,000 after purchasing an additional 23,378 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in shares of Bit Digital by 24.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company's stock valued at $449,000 after purchasing an additional 48,930 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Stock Performance

Shares of Bit Digital stock opened at $1.76 on Friday. Bit Digital has a fifty-two week low of $1.18 and a fifty-two week high of $4.55. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market capitalization of $634.71 million, a P/E ratio of -1.66 and a beta of 3.97. The company's 50 day moving average price is $1.51 and its two-hundred day moving average price is $1.64.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $23.58 million. On average, equities analysts forecast that Bit Digital will post -0.19 earnings per share for the current fiscal year.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.

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