HC Wainwright Research Analysts Boost Earnings Estimates for Bit Digital, Inc. (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) – Analysts at HC Wainwright lifted their Q4 2024 earnings per share estimates for Bit Digital in a research report issued to clients and investors on Monday, July 1st. HC Wainwright analyst K. Dede now forecasts that the company will post earnings of ($0.01) per share for the quarter, up from their prior estimate of ($0.03). HC Wainwright currently has a “Buy” rating and a $6.00 target price on the stock. The consensus estimate for Bit Digital’s current full-year earnings is $0.03 per share.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Wednesday, May 15th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. The company had revenue of $30.29 million for the quarter, compared to analysts’ expectations of $25.61 million.

Bit Digital Price Performance

NASDAQ BTBT opened at $3.28 on Wednesday. The firm has a market cap of $270.53 million, a P/E ratio of 10.93 and a beta of 4.90. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The stock’s 50-day moving average is $2.61 and its 200-day moving average is $2.73.

Institutional Trading of Bit Digital

Several institutional investors have recently added to or reduced their stakes in BTBT. Invesco Ltd. increased its holdings in Bit Digital by 3,163.5% in the 3rd quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock worth $12,115,000 after purchasing an additional 5,487,615 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Bit Digital during the third quarter valued at $800,000. Exchange Traded Concepts LLC boosted its stake in Bit Digital by 21.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock valued at $4,490,000 after buying an additional 185,560 shares during the period. SG Americas Securities LLC lifted its stake in Bit Digital by 68.1% during the fourth quarter. SG Americas Securities LLC now owns 46,197 shares of the company’s stock worth $195,000 after purchasing an additional 18,717 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new stake in Bit Digital during the fourth quarter worth about $42,000. 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.