Bit Digital's (BTBT) "Buy" Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bit Digital (NASDAQ:BTBT - Free Report) in a research note published on Tuesday,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, B. Riley initiated coverage on Bit Digital in a report on Thursday, October 24th. They issued a "buy" rating and a $6.00 price objective on the stock.

Bit Digital Price Performance

NASDAQ BTBT traded up $0.14 on Tuesday, hitting $4.16. The stock had a trading volume of 14,912,510 shares, compared to its average volume of 9,968,474. The business's fifty day moving average price is $3.65 and its 200 day moving average price is $3.25. The stock has a market cap of $352.20 million, a price-to-earnings ratio of 16.75 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 announced its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. As a group, sell-side analysts anticipate that Bit Digital will post -0.06 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. increased its holdings in Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company's stock valued at $49,000 after purchasing an additional 4,380 shares during the last quarter. Crescent Grove Advisors LLC acquired a new stake in shares of Bit Digital in the third quarter valued at $35,000. Creative Planning purchased a new stake in shares of Bit Digital in the 3rd quarter valued at $37,000. Stifel Financial Corp acquired a new position in Bit Digital during the 3rd quarter worth about $38,000. Finally, Thoroughbred Financial Services LLC acquired a new position in Bit Digital during the 2nd quarter worth about $38,000. Institutional investors and hedge funds 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.