Bit Digital FY2024 EPS Forecast Decreased by Northland Capmk

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Analysts at Northland Capmk cut their FY2024 earnings per share (EPS) estimates for Bit Digital in a research note issued on Monday, November 18th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings of ($0.19) per share for the year, down from their prior forecast of ($0.06). The consensus estimate for Bit Digital's current full-year earnings is ($0.06) per share. Northland Capmk also issued estimates for Bit Digital's Q4 2024 earnings at ($0.02) EPS.

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

BTBT has been the subject of a number of other reports. B. Riley began coverage on Bit Digital in a research note on Thursday, October 24th. They set a "buy" rating and a $6.00 target price for the company. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a report on Tuesday.

Bit Digital Stock Performance

BTBT opened at $4.05 on Thursday. The firm's fifty day moving average is $3.70 and its two-hundred day moving average is $3.27. The firm has a market cap of $332.41 million, a PE ratio of 67.50 and a beta of 4.79. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.74.

Institutional Investors Weigh In On Bit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in 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 acquiring an additional 1,033,767 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bit Digital by 25.2% during the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company's stock worth $17,259,000 after purchasing an additional 898,329 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Bit Digital in the 2nd quarter valued at approximately $2,126,000. Charles Schwab Investment Management Inc. grew its stake 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 buying an additional 530,411 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Bit Digital during the third quarter worth $1,222,000. 47.70% of the stock is owned by institutional investors.

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.

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