Northland Capmk Reduces Earnings Estimates for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Stock analysts at Northland Capmk reduced their Q4 2024 earnings per share (EPS) estimates for shares of Bit Digital in a research report issued on Wednesday, October 16th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings of $0.00 per share for the quarter, down from their previous forecast of $0.01. The consensus estimate for Bit Digital's current full-year earnings is ($0.02) per share. Northland Capmk also issued estimates for Bit Digital's Q1 2025 earnings at $0.00 EPS.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its earnings results 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 return on equity of 1.48% and a net margin of 33.30%. The company had revenue of $28.95 million during the quarter, compared to analysts' expectations of $26.63 million.

Separately, HC Wainwright increased their price target on shares of Bit Digital from $6.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th.

Bit Digital Stock Performance

Shares of BTBT stock traded up $0.08 on Monday, hitting $4.13. 14,215,275 shares of the stock traded hands, compared to its average volume of 9,053,287. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27. The firm's 50-day moving average price is $3.22 and its two-hundred day moving average price is $2.94. The stock has a market capitalization of $340.65 million, a PE ratio of 13.77 and a beta of 4.79.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently bought and sold shares of BTBT. Van ECK Associates Corp raised its holdings in shares of Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company's stock valued at $14,351,000 after buying an additional 2,862,309 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bit Digital by 9.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company's stock valued at $5,483,000 after acquiring an additional 165,044 shares during the last quarter. Bleakley Financial Group LLC purchased a new position in Bit Digital during the first quarter worth approximately $33,000. Vident Advisory LLC grew its stake in shares of Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company's stock valued at $6,089,000 after buying an additional 940,161 shares during the period. Finally, PEAK6 Investments LLC acquired a new stake in Bit Digital during the first quarter worth about $214,000. Hedge funds and other institutional investors own 47.70% of the company's stock.

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.