Q3 Earnings Forecast for Bit Digital Issued By B. Riley

Bit Digital, Inc. (NASDAQ:BTBT - Free Report) - Equities research analysts at B. Riley issued their Q3 2024 EPS estimates for shares of Bit Digital in a research note issued to investors on Wednesday, October 23rd. B. Riley analyst N. Giles expects that the company will post earnings of ($0.04) per share for the quarter. B. Riley currently has a "Strong-Buy" rating on the stock. The consensus estimate for Bit Digital's current full-year earnings is ($0.02) per share. B. Riley also issued estimates for Bit Digital's Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.05) EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.12 EPS, FY2025 earnings at $0.24 EPS, Q1 2026 earnings at $0.13 EPS, Q2 2026 earnings at $0.13 EPS, Q3 2026 earnings at $0.12 EPS and FY2026 earnings at $0.50 EPS.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The company had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million.

Separately, HC Wainwright upped their target price 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 Trading Up 9.7 %

NASDAQ BTBT traded up $0.38 on Monday, reaching $4.31. The company's stock had a trading volume of 18,141,157 shares, compared to its average volume of 9,124,994. The firm has a market cap of $355.50 million, a PE ratio of 14.20 and a beta of 4.79. The business has a 50-day moving average price of $3.32 and a 200 day moving average price of $3.00. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.27.

Hedge Funds Weigh In On Bit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in shares of Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company's stock worth $49,000 after purchasing an additional 4,380 shares in the last quarter. Creative Planning bought a new stake in Bit Digital in the third quarter valued at approximately $37,000. Bleakley Financial Group LLC bought a new stake in Bit Digital in the first quarter valued at approximately $33,000. Thoroughbred Financial Services LLC bought a new stake in Bit Digital in the second quarter valued at approximately $38,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Bit Digital by 42.4% during the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company's stock worth $141,000 after acquiring an additional 13,170 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.