Bit Digital (NASDAQ:BTBT) Now Covered by Analysts at B. Riley

B. Riley began coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $6.00 price target on the stock.

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

Bit Digital Trading Down 0.2 %

Shares of BTBT opened at $3.99 on Thursday. The firm has a 50-day moving average price of $3.30 and a 200 day moving average price of $2.98. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The firm has a market capitalization of $329.11 million, a P/E ratio of 13.33 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. Equities research analysts predict that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its stake in Bit Digital by 133.9% during the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after buying an additional 2,862,309 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake 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 acquiring an additional 165,044 shares in the last quarter. Bleakley Financial Group LLC acquired a new stake in shares of Bit Digital in the first quarter valued at $33,000. Vident Advisory LLC boosted its holdings in Bit Digital by 79.6% in the first 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. Finally, PEAK6 Investments LLC purchased a new stake in Bit Digital during the 1st quarter worth about $214,000. Hedge funds and other institutional investors 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.