Bit Digital (NASDAQ:BTBT) Shares Up 5.4% - What's Next?

Key Points

• Bit Digital shares rose 5.4% to about $1.61 in mid-day trading, though volume was 79% below the average daily level.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, one rates it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $4.38.
• The company reported a quarterly loss of $0.31 per share, missing estimates by $0.26, despite revenue of $32.11 million exceeding expectations. Bit Digital continues to focus on bitcoin mining, Ethereum staking and high-performance computing infrastructure.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price shot up 5.4% during mid-day trading on Friday . The company traded as high as $1.64 and last traded at $1.6130. Approximately 5,387,446 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 25,984,086 shares. The stock had previously closed at $1.53.

Analysts Set New Price Targets

BTBT has been the topic of several research reports. Craig Hallum reiterated a "buy" rating and set a $3.50 price objective on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research raised Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. HC Wainwright assumed 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. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Bit Digital in a research note on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Bit Digital has a consensus rating of "Hold" and an average target price of $4.38.

Bit Digital Trading Up 8.2%

The firm has a fifty day moving average of $1.49 and a two-hundred day moving average of $1.64. The company has a market cap of $596.85 million, a PE ratio of -1.57 and a beta of 3.97. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). The business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. As a group, sell-side analysts predict that Bit Digital, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Large investors have recently modified their holdings of the company. E6 Portfolios LLC purchased a new position in shares of Bit Digital in the fourth quarter worth $28,000. Simplify Asset Management Inc. bought a new stake in Bit Digital in the 1st quarter worth $31,000. Essential Partners LLC bought a new stake in Bit Digital in the 1st quarter worth $35,000. NewEdge Advisors LLC grew its holdings in Bit Digital by 4,576.3% in the 1st quarter. NewEdge Advisors LLC now owns 28,058 shares of the company's stock worth $37,000 after acquiring an additional 27,458 shares during the last quarter. Finally, Abel Hall LLC purchased a new position in shares of Bit Digital in the first quarter valued at about $40,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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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