Bit Digital (NASDAQ:BTBT) Price Target Raised to $7.00

Bit Digital (NASDAQ:BTBT) had its target price upped by HC Wainwright from $6.00 to $7.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Bit Digital’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at ($0.05) EPS, FY2024 earnings at ($0.10) EPS and FY2025 earnings at ($0.21) EPS.

Bit Digital Stock Performance

Bit Digital stock opened at $4.05 on Wednesday. The company has a market cap of $334.06 million, a P/E ratio of 13.50 and a beta of 4.79. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The business has a fifty day moving average of $3.22 and a two-hundred day moving average of $2.94.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The firm had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. Sell-side analysts predict that Bit Digital will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of BTBT. Victory Capital Management Inc. boosted its position in Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after purchasing an additional 4,380 shares in the last quarter. Creative Planning acquired a new position in shares of Bit Digital during the 3rd quarter worth $37,000. Bleakley Financial Group LLC purchased a new stake in shares of Bit Digital in the 1st quarter worth about $33,000. Thoroughbred Financial Services LLC acquired a new stake in Bit Digital in the 2nd quarter valued at about $38,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Bit Digital by 42.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after acquiring an additional 13,170 shares in the last quarter. Institutional investors and hedge funds 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.