FY2024 EPS Estimates for Bit Digital Decreased by Analyst

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Investment analysts at Northland Capmk cut their FY2024 earnings per share (EPS) estimates for shares of Bit Digital in a research note issued on Monday, November 18th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings per share of ($0.19) for the year, down from their previous 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 released 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 negative net margin of 2.75% and a negative return on equity of 5.69%. The business had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.63 million.

Other research analysts also recently issued research reports about the stock. B. Riley began coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a "buy" rating and a $6.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Tuesday.

Bit Digital Price Performance

Shares of NASDAQ BTBT traded up $0.05 during mid-day trading on Thursday, hitting $4.10. 19,886,236 shares of the company's stock traded hands, compared to its average volume of 10,089,747. The company has a market capitalization of $332.41 million, a P/E ratio of 70.17 and a beta of 4.79. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74. The company's 50-day moving average is $3.70 and its two-hundred day moving average is $3.27.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently made changes to their positions in BTBT. Virtu Financial LLC acquired a new position in shares of Bit Digital during the third quarter worth $425,000. Barclays PLC raised its position in shares of Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company's stock valued at $826,000 after purchasing an additional 105,484 shares during the last quarter. Geode Capital Management LLC grew its position in Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock worth $8,512,000 after purchasing an additional 42,375 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Bit Digital by 52.4% in the third quarter. XTX Topco Ltd now owns 146,614 shares of the company's stock worth $515,000 after buying an additional 50,400 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company's stock valued at $19,647,000 after buying an additional 94,762 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other 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.