Analysts Set Bit Digital, Inc. (NASDAQ:BTBT) Target Price at $5.12

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have received an average rating of “Hold” from the five ratings firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $5.1250.

BTBT has been the topic of several recent analyst reports. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings cut shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Craig Hallum reissued a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in shares of Bit Digital by 2.4% in the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after buying an additional 4,374 shares during the last quarter. Legal & General Group Plc grew its holdings in Bit Digital by 60.2% during the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after acquiring an additional 6,206 shares during the period. Mackenzie Financial Corp raised its position in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares in the last quarter. BNP Paribas Financial Markets raised its position in Bit Digital by 99.0% during the second quarter. BNP Paribas Financial Markets now owns 19,992 shares of the company’s stock valued at $44,000 after acquiring an additional 9,946 shares in the last quarter. Finally, Hamilton Wealth LLC acquired a new position in Bit Digital in the third quarter valued at approximately $30,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Stock Performance

Shares of BTBT opened at $1.54 on Tuesday. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm has a market cap of $537.75 million, a PE ratio of -2.26 and a beta of 4.02. Bit Digital has a 12 month low of $1.25 and a 12 month high of $4.55. The stock has a fifty day moving average price of $1.84 and a 200-day moving average price of $1.79.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The business had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Equities research analysts predict that Bit Digital will post -0.55 earnings per share for the current fiscal year.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.