Bit Digital (NASDAQ:BTBT) Shares Up 7.7% - Should You Buy?

Key Points

• Bit Digital shares rose 7.7% to about $1.75, although trading volume was 93% below the average session level.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $4.38, well above the current price; however, ratings range from Strong Buy to Sell.
• The company reported a wider-than-expected quarterly loss of $0.31 per share despite revenue of $32.11 million, while maintaining exposure to bitcoin mining, Ethereum staking, and emerging AI and high-performance computing infrastructure.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded up 7.7% during trading on Friday. The company traded as high as $1.75 and last traded at $1.7450. Approximately 1,842,211 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 25,922,488 shares. The stock had previously closed at $1.62.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BTBT shares. HC Wainwright started coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They set a "buy" rating and a $4.00 price objective for the company. Craig Hallum restated a "buy" rating and issued a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bit Digital in a report on Thursday, August 13th. JonesTrading upgraded shares of Bit Digital to a "strong-buy" rating in a research report on Saturday, September 26th. Finally, Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $4.38.

Bit Digital Stock Up 2.2%

The firm has a 50 day moving average of $1.52 and a two-hundred day moving average of $1.64. The firm has a market capitalization of $596.84 million, a price-to-earnings ratio of -1.57 and a beta of 3.83. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued 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). The business had revenue of $32.11 million for the quarter, compared to analyst estimates 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 anticipate that Bit Digital, Inc. will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. E6 Portfolios LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth approximately $28,000. CI Investments Inc. boosted its position in shares of Bit Digital by 33.6% during the first quarter. CI Investments Inc. now owns 69,884 shares of the company's stock valued at $92,000 after buying an additional 17,585 shares during the last quarter. Byrne Asset Management LLC grew its holdings in Bit Digital by 25.0% during the second quarter. Byrne Asset Management LLC now owns 107,100 shares of the company's stock worth $193,000 after buying an additional 21,400 shares in the last quarter. AXQ Capital LP raised its position in 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 buying an additional 23,378 shares during the last quarter. Finally, Simplify Asset Management Inc. purchased a new stake in Bit Digital in the 1st quarter valued at $31,000. Institutional investors own 47.70% of the company's stock.

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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