Bit Digital, Inc. (NASDAQ:BTBT – Get Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $1.73, but opened at $1.8250. Bit Digital shares last traded at $1.7750, with a volume of 5,573,846 shares traded.
Analyst Ratings Changes
A number of research firms have issued reports on BTBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Craig Hallum restated a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Finally, HC Wainwright started coverage on shares of Bit Digital in a research note on Tuesday, September 8th. They issued a “buy” rating and a $4.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Bit Digital presently has an average rating of “Hold” and an average price target of $4.38.
Get Our Latest Stock Analysis on BTBT
Bit Digital Stock Performance
Bit Digital (NASDAQ:BTBT – Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The firm had revenue of $32.11 million during the quarter, compared to analyst estimates of $23.58 million. As a group, analysts predict that Bit Digital, Inc. will post -0.19 earnings per share for the current year.
Institutional Investors Weigh In On Bit Digital
A number of hedge funds have recently bought and sold shares of BTBT. E6 Portfolios LLC acquired a new position in shares of Bit Digital during the 4th quarter worth about $28,000. Simplify Asset Management Inc. bought a new stake in Bit Digital during the 1st quarter valued at approximately $31,000. Essential Partners LLC acquired a new stake in Bit Digital in the 1st quarter valued at approximately $35,000. NewEdge Advisors LLC grew its holdings 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 buying an additional 27,458 shares during the last quarter. Finally, Abel Hall LLC bought a new position in Bit Digital in the 1st quarter worth approximately $40,000. 47.70% of the stock is currently owned by institutional investors.
Bit Digital Company Profile
Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.
In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.
Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.
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