Bit Digital (NASDAQ:BTBT) Stock Gets Price Target Trim from HC Wainwright

Bit Digital (NASDAQ:BTBT) had its target price cut by HC Wainwright from $4.00 to $3.50 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently weighed in on BTBT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a report on Wednesday. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. JonesTrading upgraded Bit Digital to a “strong-buy” rating in a research note on Saturday, September 26th. Finally, UBS Group raised Bit Digital to a “buy” rating in a report on Monday, September 28th. One research 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 stock. Based on data from MarketBeat.com, Bit Digital presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

Bit Digital Price Performance

Bit Digital stock traded down $0.10 during trading hours on Thursday, hitting $0.66. 21,101,327 shares of the stock were exchanged, compared to its average volume of 27,240,976. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a market capitalization of $238.70 million, a P/E ratio of -0.46 and a beta of 3.54. Bit Digital has a 12 month low of $0.66 and a 12 month high of $2.55. The business’s 50-day moving average is $1.25 and its two-hundred day moving average is $1.56.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Thursday, November 12th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.11. The company had revenue of $27.07 million during the quarter, compared to analysts’ expectations of $32.21 million. Bit Digital had a negative net margin of 346.39% and a negative return on equity of 6.90%. Equities research analysts expect that Bit Digital will post -0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BTBT. Allspring Global Investments Holdings LLC acquired a new stake in shares of Bit Digital in the 1st quarter valued at approximately $8,004,000. Renaissance Technologies LLC boosted its stake in Bit Digital by 114.8% during the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after acquiring an additional 3,932,900 shares during the last quarter. Tidal Investments LLC boosted its stake in Bit Digital by 186.8% during the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock worth $3,165,000 after acquiring an additional 1,145,092 shares during the last quarter. Compass Financial Management LLC bought a new position in Bit Digital during the 3rd quarter worth approximately $1,632,000. Finally, Bank of America Corp DE grew its holdings in Bit Digital by 164.0% during the first quarter. Bank of America Corp DE now owns 917,780 shares of the company’s stock valued at $1,202,000 after purchasing an additional 570,086 shares during the period. 47.70% of the stock is currently owned by institutional investors.

Trending Headlines about Bit Digital

Here are a few of the latest headlines about BTBT:

• Positive Sentiment: HC Wainwright maintained its Buy rating, while lowering its price target from $4.00 to $3.50. Article: Bit Digital Price Target Cut
• Positive Sentiment: The company highlighted an $865 million, 10-year NC-1 contract and said 40 megawatts had begun billing, supporting its AI/HPC infrastructure expansion. Article: Bit Digital Contract and Billing Update
• Negative Sentiment: Revenue was $27.07 million, below the $32.21 million analyst estimate, and reports said it fell 11% year over year. Coverage also flagged a decline in mining activity, tempering the earnings beat. Article: Revenue Decline Despite Earnings Beat

Bit Digital Company Profile

Bit Digital, Inc. is a digital-asset and infrastructure company whose activities include Bitcoin mining, Ethereum staking and computing services for artificial intelligence workloads. Its operations have expanded beyond cryptocurrency mining as it develops data-center capacity and related infrastructure for high-performance computing. The company has conducted Bitcoin mining operations in North America and participates in Ethereum staking, which involves supporting the network and earning rewards for validating transactions.