Bit Digital, Inc. (NASDAQ:BTBT) Given Average Recommendation of “Hold” by Brokerages

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have earned an average recommendation of “Hold” from the five analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $4.3750.

Several analysts recently weighed in on BTBT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. HC Wainwright began coverage on Bit Digital in a report on Tuesday. They set a “buy” rating and a $4.00 target price on the stock. Craig Hallum reissued a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its position in Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after acquiring an additional 4,374 shares during the last quarter. Legal & General Group Plc raised its position in shares of Bit Digital by 60.2% in the 2nd 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 in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Bit Digital by 99.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 19,992 shares of the company’s stock valued at $44,000 after purchasing an additional 9,946 shares during the period. Finally, Swiss National Bank boosted its position in shares of Bit Digital by 1.7% during the 4th quarter. Swiss National Bank now owns 630,200 shares of the company’s stock valued at $1,191,000 after purchasing an additional 10,500 shares in the last quarter. Institutional investors own 47.70% of the company’s stock.

Bit Digital Stock Up 3.7%

Shares of NASDAQ BTBT opened at $1.70 on Wednesday. The company has a 50 day simple moving average of $1.51 and a 200 day simple moving average of $1.65. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. Bit Digital has a 1 year low of $1.18 and a 1 year high of $4.55. The firm has a market cap of $613.08 million, a PE ratio of -1.60 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million for 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%. On average, research analysts forecast that Bit Digital will post -0.56 EPS for the current year.

Bit Digital Company Profile

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.