Analysts Offer Predictions for Bit Digital, Inc.’s FY2024 Earnings (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBTFree Report) – Stock analysts at Northland Capmk reduced their FY2024 earnings per share estimates for shares of Bit Digital in a research note issued on Monday, July 8th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings of ($0.07) per share for the year, down from their previous estimate of ($0.06). The consensus estimate for Bit Digital’s current full-year earnings is $0.02 per share.

Bit Digital (NASDAQ:BTBTGet Free Report) last released its earnings results on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%. The business had revenue of $30.29 million for the quarter, compared to the consensus estimate of $25.61 million.

Separately, HC Wainwright raised their target price on Bit Digital from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Monday, July 1st.

Check Out Our Latest Report on Bit Digital

Bit Digital Stock Performance

NASDAQ BTBT opened at $3.35 on Wednesday. The firm’s 50 day moving average price is $2.72 and its two-hundred day moving average price is $2.73. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27. The stock has a market cap of $276.31 million, a price-to-earnings ratio of 11.17 and a beta of 4.90.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC grew its stake in Bit Digital by 21.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock valued at $4,490,000 after purchasing an additional 185,560 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Bit Digital by 68.1% in the 4th quarter. SG Americas Securities LLC now owns 46,197 shares of the company’s stock valued at $195,000 after buying an additional 18,717 shares in the last quarter. HBW Advisory Services LLC acquired a new position in Bit Digital in the fourth quarter worth approximately $42,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Bit Digital by 21.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,745,552 shares of the company’s stock worth $7,384,000 after buying an additional 304,830 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Bit Digital during the fourth quarter valued at approximately $95,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for Bit Digital (NASDAQ:BTBT)

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