HC Wainwright Reiterates Buy Rating for Bit Digital (NASDAQ:BTBT)

HC Wainwright reissued their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a research note released on Monday morning,Benzinga reports. They currently have a $7.00 price objective on the stock. HC Wainwright also issued estimates for Bit Digital’s Q1 2025 earnings at ($0.07) EPS, Q2 2025 earnings at ($0.05) EPS, Q3 2025 earnings at ($0.03) EPS, Q4 2025 earnings at ($0.01) EPS and FY2025 earnings at ($0.14) EPS.

Separately, Craig Hallum began coverage on Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price on the stock.

Bit Digital Price Performance

Shares of NASDAQ BTBT opened at $2.42 on Monday. The stock has a market cap of $371.49 million, a PE ratio of 40.33 and a beta of 5.13. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74. The firm has a fifty day moving average price of $2.94 and a 200-day moving average price of $3.43.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. During the same quarter in the previous year, the company posted ($0.16) EPS. On average, research analysts expect that Bit Digital will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Two Seas Capital LP boosted its holdings in shares of Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after purchasing an additional 250,000 shares during the last quarter. Vident Advisory LLC grew its holdings in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock valued at $9,360,000 after buying an additional 1,149,727 shares in the last quarter. Sherbrooke Park Advisers LLC increased its stake in Bit Digital by 113.2% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company’s stock worth $113,000 after acquiring an additional 20,418 shares during the last quarter. ProShare Advisors LLC increased its stake in Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock worth $99,000 after acquiring an additional 11,107 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Bit Digital by 30.1% during the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock worth $4,211,000 after acquiring an additional 332,513 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Company Profile

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.