Bit Digital FY2024 EPS Estimate Reduced by HC Wainwright

Bit Digital, Inc. (NASDAQ:BTBT) – Equities research analysts at HC Wainwright reduced their FY2024 earnings per share (EPS) estimates for shares of Bit Digital in a report issued on Tuesday, November 19th. HC Wainwright analyst K. Dede now anticipates that the company will post earnings of ($0.25) per share for the year, down from their previous estimate of ($0.10). HC Wainwright has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.07) EPS and FY2025 earnings at ($0.28) EPS.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $28.95 million for the quarter, compared to analyst estimates of $26.63 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%.

Separately, B. Riley began coverage on Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Price Performance

NASDAQ:BTBT opened at $4.05 on Thursday. The company has a fifty day moving average price of $3.70 and a 200 day moving average price of $3.27. Bit Digital has a one year low of $1.76 and a one year high of $5.74. The stock has a market cap of $332.41 million, a P/E ratio of 67.50 and a beta of 4.79.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of the stock. State Street Corp grew its position in Bit Digital by 1.7% in the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after acquiring an additional 94,762 shares during the period. Van ECK Associates Corp raised its stake in shares of Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after acquiring an additional 898,329 shares during the last quarter. Millennium Management LLC lifted its position in shares of Bit Digital by 66.6% during the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after purchasing an additional 530,411 shares in the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

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.