Bit Digital (NASDAQ:BTBT) Upgraded at B. Riley

B. Riley upgraded shares of Bit Digital (NASDAQ:BTBT - Free Report) to a strong-buy rating in a research report released on Wednesday, Zacks.com reports.

Separately, HC Wainwright increased their price target on 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 Down 1.8 %

BTBT traded down $0.07 on Wednesday, reaching $3.93. The stock had a trading volume of 13,244,160 shares, compared to its average volume of 9,081,070. The company has a market capitalization of $324.16 million, a price-to-earnings ratio of 13.33 and a beta of 4.79. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.27. The firm has a 50-day moving average of $3.30 and a 200-day moving average of $2.98.

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 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 the consensus estimate of $26.63 million. Sell-side analysts anticipate that Bit Digital will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning bought a new position in Bit Digital during the third quarter worth $37,000. Bleakley Financial Group LLC acquired a new stake in shares of Bit Digital in the 1st quarter valued at about $33,000. Thoroughbred Financial Services LLC bought a new stake in Bit Digital in the 2nd quarter valued at about $38,000. Victory Capital Management Inc. raised its stake in Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company's stock worth $49,000 after buying an additional 4,380 shares during the period. Finally, Sei Investments Co. bought a new position in Bit Digital in the second quarter worth approximately $51,000. 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.