Bit Digital’s (BTBT) “Buy” Rating Reaffirmed at HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reiterated by HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s price target would suggest a potential upside of 186.89% from the stock’s previous close.

Separately, Craig Hallum began coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price for the company.

Bit Digital Price Performance

BTBT stock opened at $2.44 on Monday. The stock has a market capitalization of $374.56 million, a P/E ratio of 40.67 and a beta of 5.13. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.74. The business has a 50-day moving average of $3.02 and a 200-day moving average of $3.45.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The firm had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period last year, the company earned ($0.16) EPS. Equities analysts expect that Bit Digital will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Two Seas Capital LP boosted its holdings in shares of Bit Digital by 60.6% in the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after buying an additional 250,000 shares during the last quarter. Vident Advisory LLC lifted its stake in Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock valued at $9,360,000 after acquiring an additional 1,149,727 shares during the last quarter. Sherbrooke Park Advisers LLC grew its position in shares of Bit Digital by 113.2% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company’s stock valued at $113,000 after acquiring an additional 20,418 shares during the period. ProShare Advisors LLC grew its position in shares of Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock valued at $99,000 after acquiring an additional 11,107 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Bit Digital by 30.1% during the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock worth $4,211,000 after purchasing an additional 332,513 shares during the last quarter. Institutional investors and hedge funds 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.