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

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $7.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 194.12% from the company’s current price.

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

Bit Digital Stock Performance

BTBT opened at $2.38 on Monday. The company has a market capitalization of $484.93 million, a PE ratio of 39.67 and a beta of 5.25. The stock’s fifty day moving average is $2.07 and its 200-day moving average is $3.03. Bit Digital has a one year low of $1.69 and a one year high of $5.74.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. On average, equities research analysts forecast that Bit Digital will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. Uniplan Investment Counsel Inc. lifted its position in shares of Bit Digital by 203.8% in the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock worth $2,200,000 after purchasing an additional 730,766 shares in the last quarter. Millennium Management LLC lifted its position in Bit Digital by 62.6% in the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after buying an additional 899,967 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Bit Digital by 14.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock valued at $4,306,000 after buying an additional 273,480 shares during the period. AQR Capital Management LLC boosted its stake in shares of Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after buying an additional 180,509 shares during the period. Finally, OLD Mission Capital LLC grew its holdings in shares of Bit Digital by 112.6% during the 1st quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock valued at $45,000 after acquiring an additional 11,812 shares in the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.