B. Riley Has Bearish Outlook for Bit Digital FY2025 Earnings

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Equities researchers at B. Riley reduced their FY2025 earnings per share estimates for Bit Digital in a research note issued on Monday, April 28th. B. Riley analyst N. Giles now forecasts that the company will post earnings of $0.14 per share for the year, down from their prior forecast of $0.21. The consensus estimate for Bit Digital's current full-year earnings is ($0.20) per share. B. Riley also issued estimates for Bit Digital's FY2027 earnings at $0.22 EPS.

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

Bit Digital Stock Performance

Shares of BTBT stock traded up $0.04 during trading on Wednesday, hitting $2.11. 8,403,555 shares of the company were exchanged, compared to its average volume of 13,551,274. The business's 50-day simple moving average is $2.14 and its 200 day simple moving average is $3.18. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The firm has a market capitalization of $385.62 million, a price-to-earnings ratio of 35.17 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). The business had revenue of $26.10 million for the quarter, compared to analysts' expectations of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter in the prior year, the firm posted ($0.16) EPS.

Institutional Trading of Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the business. Ballentine Partners LLC increased its stake in shares of Bit Digital by 87.8% during the 1st quarter. Ballentine Partners LLC now owns 25,371 shares of the company's stock worth $51,000 after purchasing an additional 11,862 shares during the last quarter. Cerity Partners LLC acquired a new position in Bit Digital during the first quarter worth $25,000. HBK Sorce Advisory LLC acquired a new position in Bit Digital during the first quarter worth $49,000. Byrne Asset Management LLC raised its holdings in Bit Digital by 207.7% during the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after buying an additional 11,838 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Bit Digital by 48.7% in the first quarter. Farther Finance Advisors LLC now owns 36,596 shares of the company's stock worth $78,000 after buying an additional 11,983 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

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.