Bit Digital FY2025 EPS Forecast Boosted by HC Wainwright

Key Points

• HC Wainwright has raised its FY2025 earnings per share estimate for Bit Digital from ($0.09) to ($0.01) and maintains a "Buy" rating with a price target of $7.00.
• Bit Digital's stock recently experienced a 7.5% decline, with shares trading at $2.72 and a market cap of approximately $874.30 million.
• Bit Digital CEO Samir Tabar and Director Brock Jeffrey Pierce significantly increased their ownership by purchasing shares at an average cost of $2.00 per share.

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Equities researchers at HC Wainwright boosted their FY2025 earnings estimates for shares of Bit Digital in a research report issued on Monday, August 18th. HC Wainwright analyst K. Dede now expects that the company will earn ($0.01) per share for the year, up from their prior estimate of ($0.09). HC Wainwright has a "Buy" rating and a $7.00 price target on the stock. The consensus estimate for Bit Digital's current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Bit Digital's FY2026 earnings at ($0.02) EPS.

Separately, Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, Bit Digital presently has an average rating of "Buy" and an average price target of $6.33.

Bit Digital Stock Performance

Shares of BTBT stock traded down $0.0450 during trading hours on Wednesday, hitting $2.8350. 11,929,244 shares of the company were exchanged, compared to its average volume of 24,266,240. Bit Digital has a one year low of $1.69 and a one year high of $5.74. The business's 50-day simple moving average is $2.97 and its two-hundred day simple moving average is $2.55. The stock has a market capitalization of $911.25 million, a price-to-earnings ratio of -9.14 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). The company had revenue of $25.66 million during the quarter, compared to analysts' expectations of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently modified their holdings of BTBT. Balyasny Asset Management L.P. acquired a new stake in shares of Bit Digital during the 2nd quarter valued at $10,385,000. Valiant Capital Management L.P. acquired a new stake in shares of Bit Digital during the 2nd quarter valued at $8,760,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Bit Digital during the 2nd quarter valued at $7,512,000. Hood River Capital Management LLC acquired a new stake in shares of Bit Digital during the 2nd quarter valued at $5,703,000. Finally, Conversant Capital LLC acquired a new stake in shares of Bit Digital during the 2nd quarter valued at $4,982,000. Institutional investors and hedge funds own 47.70% of the company's stock.

Insider Buying and Selling

In other news, CEO Samir Tabar acquired 750,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer owned 2,108,089 shares in the company, valued at approximately $4,216,178. This trade represents a 55.22% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director owned 500,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.80% 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.