Bit Digital (NASDAQ:BTBT) Shares Up 2.6% - Here's Why
Bit Digital (NASDAQ:BTBT) shares rose 2.6% to $1.78, with a trading volume of 3.58 million shares, down 73% from average. Analysts maintain a "buy" rating, with price targets of $6.00 and $7.00 from Craig Hallum and HC Wainwright, respectively. The company reported a quarterly EPS of ($0.11), missing estimates, but revenue was $26.10 million, exceeding expectations. Institutional investors hold 47.70% of shares. Bit Digital focuses on bitcoin mining and digital asset management.
Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 2.6% during trading on Friday . The company traded as high as $1.84 and last traded at $1.78. Approximately 3,576,828 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 13,207,884 shares. The stock had previously closed at $1.73.
Wall Street Analysts Forecast Growth
- Here’s Why Bitcoin Miners Stopped Rising With Bitcoin Prices
A number of research analysts have recently commented on BTBT shares. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum assumed coverage on Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company.
View Our Latest Stock Analysis on Bit Digital
Bit Digital Stock Performance
- 5 crypto penny stocks under $5
The firm has a fifty day simple moving average of $2.47 and a 200-day simple moving average of $3.33. The firm has a market cap of $277.08 million, a price-to-earnings ratio of 30.25 and a beta of 6.05.
Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The company had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period in the previous year, the firm posted ($0.16) EPS. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Bit Digital
A number of hedge funds and other institutional investors have recently modified their holdings of BTBT. OLD Mission Capital LLC acquired a new stake in Bit Digital in the 4th quarter worth about $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital in the third quarter valued at approximately $38,000. Cibc World Markets Corp acquired a new stake in Bit Digital during the fourth quarter worth approximately $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the 4th quarter worth $37,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Bit Digital in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 47.70% of the company's stock.
About Bit Digital
(Get Free Report)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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