Wall Street Zen upgraded shares of Bit Digital (NASDAQ:BTBT – Free Report) from a strong sell rating to a sell rating in a report published on Saturday,Wall Street Zen reports.
Other equities research analysts have also issued reports about the company. JonesTrading upgraded Bit Digital to a “strong-buy” rating in a report on Saturday, September 26th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. UBS Group upgraded Bit Digital to a “buy” rating in a report on Monday, September 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bit Digital in a research report on Wednesday. Finally, HC Wainwright reduced their price objective on shares of Bit Digital from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.25.
Check Out Our Latest Report on Bit Digital
Bit Digital Stock Down 13.6%
BTBT traded down $0.10 during trading on Friday, reaching $0.66. 21,101,327 shares of the stock traded hands, compared to its average volume of 27,240,976. The stock has a market cap of $238.70 million, a price-to-earnings ratio of -0.46 and a beta of 3.54. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. Bit Digital has a fifty-two week low of $0.66 and a fifty-two week high of $2.55. The stock’s 50-day simple moving average is $1.25 and its two-hundred day simple moving average is $1.56.
Bit Digital (NASDAQ:BTBT – Get Free Report) last announced its quarterly earnings results on Thursday, November 12th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.11. The business had revenue of $27.07 million during the quarter, compared to analysts’ expectations of $32.21 million. Bit Digital had a negative return on equity of 6.90% and a negative net margin of 346.39%. As a group, equities research analysts expect that Bit Digital will post -0.19 EPS for the current year.
Institutional Investors Weigh In On Bit Digital
Several institutional investors and hedge funds have recently bought and sold shares of the business. Essential Partners LLC bought a new stake in Bit Digital in the first quarter valued at about $35,000. NewEdge Advisors LLC increased its position in Bit Digital by 4,576.3% in the 1st quarter. NewEdge Advisors LLC now owns 28,058 shares of the company’s stock valued at $37,000 after acquiring an additional 27,458 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Bit Digital in the first quarter valued at approximately $42,000. Global Retirement Partners LLC boosted its position in Bit Digital by 2,339.8% in the 3rd quarter. Global Retirement Partners LLC now owns 30,253 shares of the company’s stock valued at $49,000 after buying an additional 29,013 shares during the last quarter. Finally, E6 Portfolios LLC boosted its position in Bit Digital by 158.1% in the 3rd quarter. E6 Portfolios LLC now owns 43,049 shares of the company’s stock valued at $70,000 after buying an additional 26,367 shares during the last quarter. Institutional investors own 47.70% of the company’s stock.
More Bit Digital News
Investors following BTBT have been watching these news items:
- Positive Sentiment: HC Wainwright maintained its Buy rating, while lowering its price target from $4.00 to $3.50. Article: Bit Digital Price Target Cut
- Positive Sentiment: The company highlighted an $865 million, 10-year NC-1 contract and said 40 megawatts had begun billing, supporting its AI/HPC infrastructure expansion. Article: Bit Digital Contract and Billing Update
- Negative Sentiment: Revenue was $27.07 million, below the $32.21 million analyst estimate, and reports said it fell 11% year over year. Coverage also flagged a decline in mining activity, tempering the earnings beat. Article: Revenue Decline Despite Earnings Beat
Bit Digital Company Profile
Bit Digital, Inc. is a digital-asset and infrastructure company whose activities include Bitcoin mining, Ethereum staking and computing services for artificial intelligence workloads. Its operations have expanded beyond cryptocurrency mining as it develops data-center capacity and related infrastructure for high-performance computing. The company has conducted Bitcoin mining operations in North America and participates in Ethereum staking, which involves supporting the network and earning rewards for validating transactions.
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