Bit Digital, Inc. (NASDAQ:BTBT) Stock Has Average Target Price of $4.38

Bit Digital, Inc. (NASDAQ:BTBT) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $4.38.

A number of brokerages have recently issued reports on BTBT. HC Wainwright began coverage on shares of Bit Digital in a research note on Tuesday, September 8th. They set a “buy” rating and a $4.00 price target on the stock. UBS Group upgraded shares of Bit Digital to a “buy” rating in a research report on Monday. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Finally, Craig Hallum reiterated a “buy” rating and issued a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th.

Bit Digital Trading Down 1.8%

NASDAQ:BTBT opened at $1.65 on Friday. Bit Digital has a 12-month low of $1.18 and a 12-month high of $4.55. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The stock’s 50 day simple moving average is $1.52 and its 200-day simple moving average is $1.64. The firm has a market cap of $595.04 million, a P/E ratio of -1.56 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data 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). Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. The firm had revenue of $32.11 million during the quarter, compared to analysts’ expectations of $23.58 million. Equities analysts anticipate that Bit Digital will post -0.19 EPS for the current year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in BTBT. Tidal Investments LLC boosted its holdings in Bit Digital by 186.8% during the second quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock worth $3,165,000 after buying an additional 1,145,092 shares in the last quarter. WINTON GROUP Ltd purchased a new position in Bit Digital in the second quarter valued at about $76,000. Squarepoint Ops LLC purchased a new position in Bit Digital in the second quarter valued at about $125,000. AXQ Capital LP lifted its position in shares of Bit Digital by 60.6% during the 2nd quarter. AXQ Capital LP now owns 61,953 shares of the company’s stock valued at $112,000 after acquiring an additional 23,378 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its position in shares of Bit Digital by 24.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company’s stock valued at $449,000 after acquiring an additional 48,930 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.