Bit Digital’s (BTBT) Buy Rating Reaffirmed at HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $7.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 292.16% from the company’s current price.

Separately, Craig Hallum assumed coverage on Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Performance

NASDAQ:BTBT opened at $1.79 on Monday. The firm has a 50-day simple moving average of $2.31 and a 200-day simple moving average of $3.26. Bit Digital has a one year low of $1.69 and a one year high of $5.74. The firm has a market cap of $326.22 million, a P/E ratio of 29.75 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same period last year, the firm earned ($0.16) EPS. On average, research analysts predict that Bit Digital will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vident Advisory LLC raised its stake in Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock valued at $9,360,000 after buying an additional 1,149,727 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after acquiring an additional 943,214 shares in the last quarter. Millennium Management LLC raised its position in shares of Bit Digital by 30.1% in the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock valued at $4,211,000 after purchasing an additional 332,513 shares during the last quarter. Jump Financial LLC acquired a new stake in Bit Digital in the 4th quarter worth approximately $887,000. Finally, Two Seas Capital LP grew its position in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after purchasing an additional 250,000 shares during the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

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.