Bit Digital, Inc. (NASDAQ:BTBT) Given Average Recommendation of “Hold” by Analysts

Bit Digital, Inc. (NASDAQ:BTBT) has earned a consensus rating of “Hold” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $5.1250.

A number of equities analysts recently issued reports on the company. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Craig Hallum reiterated a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. Finally, Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Bit Digital in the 1st quarter valued at about $8,004,000. Renaissance Technologies LLC lifted its position in shares of Bit Digital by 114.8% in the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Bit Digital by 524.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock worth $1,128,000 after purchasing an additional 501,423 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Bit Digital by 61.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company’s stock valued at $1,412,000 after purchasing an additional 262,717 shares in the last quarter. Finally, KBC Group NV acquired a new position in Bit Digital in the 1st quarter valued at approximately $672,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Stock Performance

Shares of NASDAQ BTBT opened at $1.38 on Friday. Bit Digital has a 1 year low of $1.18 and a 1 year high of $4.55. The firm has a market cap of $481.88 million, a P/E ratio of -2.03 and a beta of 4.02. The stock has a fifty day moving average price of $1.69 and a two-hundred day moving average price of $1.71. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million for the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. Research analysts forecast that Bit Digital will post -0.55 EPS for the current fiscal year.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.