Bit Digital (NASDAQ:BTBT) Issues Earnings Results, Misses Estimates By $0.07 EPS

Bit Digital (NASDAQ:BTBT - Get Free Report) posted its quarterly earnings data on Friday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07), Zacks reports. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. During the same period in the previous year, the firm posted ($0.16) earnings per share.

Bit Digital Stock Down 6.2 %

Shares of BTBT stock traded down $0.15 during trading hours on Tuesday, hitting $2.26. 10,801,478 shares of the company's stock traded hands, compared to its average volume of 12,759,445. The stock's fifty day simple moving average is $2.99 and its two-hundred day simple moving average is $3.45. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74. The stock has a market cap of $346.93 million, a price-to-earnings ratio of 37.67 and a beta of 5.13.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BTBT. Craig Hallum began coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a report on Monday.

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.