Bit Digital (NASDAQ:BTBT) Coverage Initiated by Analysts at B. Riley

Research analysts at B. Riley began coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note issued on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. B. Riley’s price target suggests a potential upside of 52.67% from the stock’s current price.

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

Bit Digital Stock Down 1.8 %

Shares of Bit Digital stock opened at $3.93 on Thursday. The firm’s 50 day moving average price is $3.32 and its 200-day moving average price is $2.99. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.27. The company has a market cap of $324.16 million, a P/E ratio of 13.10 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. As a group, equities research analysts forecast that Bit Digital will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of large investors have recently added to or reduced their stakes in BTBT. Van ECK Associates Corp grew its holdings in shares of Bit Digital by 133.9% during the first 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 in the last quarter. Millennium Management LLC grew its holdings in shares of Bit Digital by 66.6% during the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after buying an additional 1,033,767 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Bit Digital by 79.6% during the first quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after buying an additional 940,161 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Bit Digital during the second quarter worth $2,126,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Bit Digital during the second quarter worth $910,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.