B. Riley Upgrades Bit Digital (NASDAQ:BTBT) to “Strong-Buy”

Bit Digital (NASDAQ:BTBT) was upgraded by investment analysts at B. Riley to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports.

Separately, HC Wainwright lifted their price target on Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th.

Bit Digital Trading Down 0.2 %

Shares of NASDAQ BTBT opened at $3.99 on Wednesday. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The company has a market cap of $329.11 million, a PE ratio of 13.33 and a beta of 4.79. The stock has a 50 day simple moving average of $3.30 and a 200-day simple moving average of $2.98.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Sell-side analysts forecast that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of BTBT. Van ECK Associates Corp lifted its stake in Bit Digital by 133.9% during the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after buying an additional 2,862,309 shares in the last quarter. Millennium Management LLC grew its position in Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares in the last quarter. Vident Advisory LLC raised its stake in Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after purchasing an additional 940,161 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bit Digital by 9.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock valued at $5,483,000 after purchasing an additional 165,044 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Bit Digital in the second quarter worth $2,126,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

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.