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

HC Wainwright restated their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a report released on Thursday,Benzinga reports. HC Wainwright currently has a $7.00 price target on the stock.

BTBT has been the subject of several other reports. Weiss Ratings cut shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Bit Digital presently has an average rating of “Hold” and an average price target of $5.67.

Bit Digital Stock Down 0.7%

Shares of Bit Digital stock opened at $1.37 on Thursday. The company has a quick ratio of 17.53, a current ratio of 6.39 and a debt-to-equity ratio of 0.13. The firm has a market cap of $447.41 million, a P/E ratio of -2.49 and a beta of 4.02. Bit Digital has a fifty-two week low of $1.25 and a fifty-two week high of $4.55. The business has a 50-day moving average price of $1.70 and a 200 day moving average price of $2.41.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $32.34 million for the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. On average, sell-side analysts forecast that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. J. Derek Lewis & Associates Inc. bought a new stake in Bit Digital during the 4th quarter valued at approximately $578,000. Caitong International Asset Management Co. Ltd bought a new stake in Bit Digital in the 4th quarter valued at $273,000. Invesco Ltd. grew its position in Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after purchasing an additional 1,604,011 shares during the last quarter. Vident Advisory LLC increased its holdings in shares of Bit Digital by 9.7% during the 4th quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock worth $2,324,000 after purchasing an additional 108,387 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares during the period. 47.70% of the stock is owned by institutional investors and hedge funds.

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.