HC Wainwright Forecasts Reduced Earnings for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Research analysts at HC Wainwright reduced their FY2024 earnings per share estimates for Bit Digital in a report issued on Tuesday, November 19th. HC Wainwright analyst K. Dede now expects that the company will earn ($0.25) per share for the year, down from their prior forecast 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.

Separately, B. Riley assumed coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a "buy" rating and a $6.00 target price on the stock.

Bit Digital Trading Up 1.2 %

Shares of Bit Digital stock traded up $0.05 on Thursday, hitting $4.10. The stock had a trading volume of 19,886,236 shares, compared to its average volume of 10,089,747. The company's 50 day moving average price is $3.70 and its 200 day moving average price is $3.27. The stock has a market cap of $332.41 million, a price-to-earnings ratio of 70.17 and a beta of 4.79. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share (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 company had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million.

Institutional Investors Weigh In On Bit Digital

Large investors have recently modified their holdings of the stock. Millennium Management LLC increased its stake in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company's stock valued at $8,225,000 after buying an additional 1,033,767 shares during the period. Van ECK Associates Corp raised its holdings in Bit Digital by 25.2% during the third 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 Bit Digital in the second quarter valued at about $2,126,000. Charles Schwab Investment Management Inc. boosted its holdings in Bit Digital by 192.0% in the 3rd 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. Finally, Segall Bryant & Hamill LLC acquired a new position in Bit Digital during the 3rd quarter worth approximately $1,222,000. Hedge funds and other institutional investors 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.