Bit Digital, Inc. (NASDAQ:BTBT – Get Free Report) has earned an average recommendation of “Hold” from the five brokerages that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $5.1250.
Several equities research analysts recently weighed in on the company. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, Craig Hallum reissued a “buy” rating and issued a $3.50 target price on shares of Bit Digital in a report on Tuesday.
View Our Latest Report on Bit Digital
Bit Digital Stock Up 2.7%
Bit Digital (NASDAQ:BTBT – Get Free Report) last issued its earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). The firm had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. On average, research analysts anticipate that Bit Digital will post -0.55 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Bit Digital by 549.2% during the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after buying an additional 6,201,477 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Bit Digital in the 1st quarter valued at approximately $8,004,000. Balyasny Asset Management L.P. acquired a new position in shares of Bit Digital in the second quarter valued at approximately $10,385,000. Renaissance Technologies LLC raised its stake in shares of Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after purchasing an additional 3,932,900 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Bit Digital by 40.3% during the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the period. 47.70% of the stock is currently 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.
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