Bit Digital (NASDAQ:BTBT) Shares Gap Up - Still a Buy?

Key Points

• Bit Digital shares opened higher, rising from a prior close of $1.65 to $1.7199 before trading at approximately $1.6750.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $4.38, although one firm maintains a sell rating.
• The company reported a quarterly loss of $0.31 per share, well below the expected $0.05 loss, despite revenue exceeding estimates; institutional investors own 47.7% of the stock.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price gapped up prior to trading on Wednesday. The stock had previously closed at $1.65, but opened at $1.7199. Bit Digital shares last traded at $1.6750, with a volume of 2,285,848 shares.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JonesTrading raised Bit Digital to a "strong-buy" rating in a research note on Saturday. HC Wainwright started coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They issued a "buy" rating and a $4.00 price target for the company. UBS Group upgraded shares of Bit Digital to a "buy" rating in a report on Monday. Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Bit Digital in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Bit Digital presently has a consensus rating of "Moderate Buy" and an average price target of $4.38.

Bit Digital Stock Performance

The firm has a 50-day simple moving average of $1.52 and a two-hundred day simple moving average of $1.64. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $596.85 million, a price-to-earnings ratio of -1.56 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted 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 business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. As a group, sell-side analysts forecast that Bit Digital, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital in the 1st quarter valued at approximately $8,004,000. Renaissance Technologies LLC grew its holdings in shares of Bit Digital by 114.8% during the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company's stock worth $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Bit Digital by 186.8% during the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company's stock worth $3,165,000 after purchasing an additional 1,145,092 shares in the last quarter. KBC Group NV bought a new stake in shares of Bit Digital during the first quarter valued at approximately $672,000. Finally, Bank of America Corp DE increased its position in shares of Bit Digital by 164.0% during the first quarter. Bank of America Corp DE now owns 917,780 shares of the company's stock valued at $1,202,000 after purchasing an additional 570,086 shares during the period. Institutional investors own 47.70% of the company's stock.

Bit Digital Company Profile

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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