HC Wainwright Increases Bit Digital (NASDAQ:BTBT) Price Target to $6.00

Bit Digital (NASDAQ:BTBT) had its price objective upped by research analysts at HC Wainwright from $5.00 to $6.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 85.19% from the company’s previous close.

Bit Digital Stock Down 4.4 %

Shares of NASDAQ BTBT opened at $3.24 on Monday. The firm has a market cap of $267.24 million, a PE ratio of 10.80 and a beta of 4.90. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The company’s fifty day simple moving average is $2.57 and its 200 day simple moving average is $2.72.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%. The firm had revenue of $30.29 million for the quarter, compared to analyst estimates of $25.61 million. On average, equities analysts predict that Bit Digital will post 0.03 earnings per share for the current year.

Institutional Trading of Bit Digital

Several institutional investors and hedge funds have recently made changes to their positions in BTBT. Simplicity Wealth LLC purchased a new stake in Bit Digital during the first quarter worth about $33,000. Bleakley Financial Group LLC bought a new position in shares of Bit Digital in the first quarter valued at approximately $33,000. Merit Financial Group LLC bought a new stake in Bit Digital during the fourth quarter valued at approximately $42,000. HBW Advisory Services LLC bought a new stake in Bit Digital during the fourth quarter valued at approximately $42,000. Finally, Gladstone Institutional Advisory LLC bought a new stake in Bit Digital during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

About Bit Digital

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.