Northland Capmk Expects Increased Earnings for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Equities researchers at Northland Capmk raised their FY2025 earnings per share estimates for Bit Digital in a research note issued on Monday, May 19th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings per share of ($0.05) for the year, up from their previous estimate of ($0.07). The consensus estimate for Bit Digital's current full-year earnings is ($0.20) per share.

BTBT has been the topic of a number of other reports. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday. Craig Hallum began coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a "buy" rating and a $6.00 target price for the company.

Bit Digital Trading Down 1.6%

Shares of BTBT stock opened at $2.47 on Wednesday. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The stock has a market cap of $503.26 million, a price-to-earnings ratio of 41.17 and a beta of 5.25. The company's 50-day moving average price is $2.08 and its 200-day moving average price is $3.01.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. Stifel Financial Corp boosted its holdings in Bit Digital by 31.0% in the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after purchasing an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bit Digital by 10.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after buying an additional 4,389 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Bit Digital by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock worth $125,000 after buying an additional 6,195 shares during the period. Bank of New York Mellon Corp raised its holdings in Bit Digital by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock valued at $843,000 after acquiring an additional 6,621 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Bit Digital by 4.5% in the fourth quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock worth $459,000 after acquiring an additional 6,809 shares during the last quarter. Hedge funds and other institutional investors 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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